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Insider’s Report: Republican and Democrat Plans for Social Security Are Wildly Different
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Last week, the House Ways and Means Social Security Subcommittee held a hearing about the program’s trustees’ projection that the Social Security trust fund will become depleted in 2035, absent Congressional action. Even so, Social Security still could pay 83% of scheduled benefits at that time. No one wants congressional inaction, but the
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hearing emphasized the difference in the two parties’ approaches to the problem.
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Last week, the House Ways and Means Social Security Subcommittee held a hearing about the program’s trustees’ projection that the Social Security trust fund will become depleted in 2035, absent Congressional action. Even so, Social Security still could pay 83% of scheduled benefits at that time. No one wants congressional inaction, but the hearing emphasized the difference in the two parties’ approaches to the problem.
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The main witness, Social Security Chief Actuary Stephen Goss, tamped down alarmism about the program’s financial future and he reminded committee members that Social Security does not add to the national debt and has no borrowing authority, despite Republican claims that the program is one of the main drivers of federal red ink. (In fact, the number one driver of the debt is tax expenditures — giveaways to the wealthy and major corporations like the Trump tax cuts that GOP members now want to extend.)
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Ranking Member U.S. Representative John Larson (CT-01) took aim at Republican lawmakers and many of their supposedly “fiscally responsible” proposals to cut Social Security — such as raising the retirement age to 69 or 70.
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Democratic committee members promoted revenue-side solutions to strengthen Social Security’s finances, including Representative Larson’s Social Security 2100 Act. His legislation would require the wealthy to begin contributing their fair share by adjusting the payroll wage cap and leveraging some investment income that is not now included in FICA taxes.
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In written testimony, National Committee to Preserve Social Security and Medicare President Max Richtman insisted that benefits must be expanded, not cut, to meet the needs of future retirees. (U.S. Representative Larson’s bill would provide an across-the-board benefit boost and targeted increases to especially vulnerable beneficiaries.)
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“While Social Security has lifted generations of seniors out of poverty, benefits must be improved to protect the growing share of seniors who depend on the program for all or most of their retirement income.” –Max Richtman, NCPSSM President & CEO
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Please add your name to our Urgent Petition to Protect and Strengthen Social Security today!
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National Committee Director of Government Relations & Policy Dan Adcock (left) and National Committee President and CEO Max Richtman (right) with President Joe Biden (center) in August 2023.)
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National Committee Endorses Joe Biden
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For only the second time in our history, the National Committee to Preserve Social Security and Medicare is endorsing a candidate for President of the United States. And for the second time, that candidate is Joe Biden. We broke precedent in 2020 because we believed Joe Biden would fight for America’s seniors — and protect Social Security and Medicare. We did not trust Donald Trump to safeguard either program or to uphold other cherished American institutions. Four years later, those beliefs have been validated beyond dispute. Read more about our endorsement here.
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Ask Us!
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Whether you’re retired or approaching retirement, our team of experts in the field of Social Security policy is available to answer your questions about benefits.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
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This week’s question is:
I am a teacher in Texas and am ready to retire. I have the option of my husband receiving my full benefit or half of my benefit if I should die. How would this affect his Social Security benefits when he is eligible? Would you advise this? He does not have this type of pension, and I don't want our kids to be burdened when they need to take care of us.
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Click here to read the answer.
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Ask Us
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Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security.
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Join Now/Donate
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Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare.
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Social Security Benefits
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Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.
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“Myths are great for books, ballads, and movies, but they are dangerous for Social Security. Political forces seeking to undermine the program have been spreading untruths about it. These myths not only misinform the public; they can erode support for Social Security itself,” writes our President and CEO, Max Richtman, in MarketWatch. (Updated June 11, 2024, MarketWatch, written by NCPSSM President & CEO Max Richtman)
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Read Here →
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NCPSSM President Max Richtman said, “Our endorsement is based on President Biden’s commitment to the core principles of strengthening and expanding Social Security — and putting the moral authority of the White House behind them." (June 12, 2024, The Washington Times, Jeff Mordock)
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Read Here →
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NCPSSM volunteer Tia Maria writes that mainstream media often overlook Democratic proposals to strengthen Social Security and Republican plans for cuts. Young people, she says, will need Social Security even more than previous generations, and solutions like scrapping the payroll tax cap could ensure its future stability. (June 1, 2024, The Gainesville Iguana, Tia Maria)
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Read Here →
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The right-wing Project 2025 blueprint for a second Trump term would repeal the monumental prescription drug reforms in the Inflation Reduction Act, meaning that tens of millions of seniors would lose the cost savings that the legislation provides and which they are now beginning to benefit from. (June 13, 2024, American Progress, Nicole Rapfogel)
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Read Here →
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Usually, after age 65, you have two Medicare options: traditional Medicare (Parts A, B, and D, and often a Medigap plan) or a private health insurer’s Medicare Advantage plan, also called Part C. But increasingly, people with retiree health benefits from their former employers aren’t given that choice. (June 10, 2024, Fortune, Richard Eisenberg)
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Read More →
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A new academic analysis published Monday in JAMA Internal Medicine details the enormous sums that privatized Medicare Advantage plans have cost U.S. taxpayers in recent years and calls for the abolition of the program, which has been massively profitable for the insurance giants that dominate it. (June 10, 2024, Common Dreams, Jake Johnson)
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Read More →
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Three leading groups representing the interests of senior citizens made clear Wednesday they believe that Democratic President Joe Biden is the far superior choice to presumptive Republican nominee Donald Trump when it comes to protecting Social Security, Medicare, and other policies concerning older Americans. The National Committee to Preserve Social Security & Medicare backed Biden over the presumed Republican nominee. (June 12, 2024, Common Dreams, Jessic Corbett)
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Read More →
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