Social Security Update: As Election Day Approaches, It’s Future In The Limelight

Social Security COLA Nov. 2022 Payment Schedule

President Joe Biden has accused Republicans of trying to slash Social Security as the election’s closing days approach, and Democrats are focusing on this issue. Republicans argue that they merely want to modernize Social Security to prevent its bankruptcy.

No Modifications are To Be Made

The president vowed not to “yield” to any attempt to slash Social Security or Medicare, warning that “they (Republicans) will destroy the economy the following year by jeopardizing the full faith & credit of the US for the first time in our history, putting the United States in default.” Republicans, including West Virginia Rep. Alex Mooney (R), label the president’s warning a “scare technique.”

Nationally, Republicans have not embraced a specific Social Security plan. The Republican Study Committee published a budget proposal in June that addressed the problem. On page 79, it says that no modifications should be made for current retirees, but it recommends altering the payment system for future retirees. Additionally, it advises gradually raising the retirement age from 67 to 70, crediting the rise to an increase in life expectancy. The budget also aims to offer incentives to encourage people to continue working.

Stimulus 2022: Idaho citizens can soon apply for a rebate worth up to $1,000 – check if you qualify

Preserve And Strengthen Social Security

Former President Barack Obama recently criticized Republican Sen. Ron Johnson (Wis.) for his position on Social Security. In response, Johnson reiterated on the campaign trail that Republicans don’t want to slash Social Security. However, he has previously advocated for annual congressional approval of federal programs, such as Social Security, instead of automatic renewal.

See Also:  Social Security Increase: COLA Giving Retirees Extra Money

Meanwhile, the goal to “preserve and strengthen” Social Security is stated in the recent “Commitment to America” report from the House Republicans.

Most Americans over 65 who receive social security benefits (almost 90%) do so. But as expenditures rise and birthrates fall across the country, Social Security Administration authorities have warned that if nothing changes, money may be short by 2035. Due to an 8.7% increase in the cost of living, roughly 70 million American citizens will get around $145 more each month in 2019, reports Fox5vegas.

Ritika khara
About Ritika Khara 634 Articles
I am a professional journalist and author who specializes in writing about the latest celebrity news and gossip. I have been covering the entertainment industry for over a decade. I enjoy sharing my insights and opinions on the most trending topics in celeb news, and I always strive to deliver accurate and reliable information to my readers. You can follow me on Twitter, Instagram, and Facebook to get the latest updates on your favorite celebrities.