Yahoo Finance Biden Looks To Bolster Campaign With Promise To Defend Medicare And Social Security From Potential Cuts Amounting To $1.5 Trillion
As the presidential race heats up, the closer we get to November, presidential candidates will ramp up their campaigns with pledges and promises. According to Common Dreams, Joe Biden is looking to bolster his campaign with support from seniors who fear Donald Trump cutting Social Security benefits. Here's what the Biden administration has promised.
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Common Dreams reported that Biden has made a promise to the senior citizens of the U.S. to protect their Social Security benefits and other policies concerning the elderly from Trump's administration's proposed cuts. From a campaign perspective, this was a smart move from Biden's side, considering the country has a rapidly aging population. According to Statista, by 2030, the elderly (65 years and older) will comprise 20.6% of the population. Currently, the country is predicted to hit its peak record of citizens turning 65 years old, affectionately named the Silver Tsunami. CNBC released findings from the Retirement Income Institute at the Alliance for Lifetime Income that revealed that more than 11,200 citizens will turn 65 years old every day between 2024 and 2027.
During an interview with CNBC, Trump talked about how he would tackle the issue of national debt and floated the idea of trimming entitlement programs like Social Security, Medicaid and Medicare. In response to Trump's comments in the interview, Biden had responded, "Not on my watch." However, Trump's campaign spokeswoman, Karoline Leavitt, argued that Trump was talking about cutting waste from departments.
Biden now has the backing of three leading groups representing the interests of the elderly in the country. These groups are The National Committee to Preserve Social Security & Medicare (NCPSSM), Social Security Works Political Action Committee (PAC) and the National United Committee to Protect Pensions (NUCPP).
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Social Security Works PAC president Jon "Bowzer" Bauman revealed why the PAC is supporting Biden: "The Biden-Harris administration’s record on senior issues is impeccable," he added, "In sharp contrast, Donald Trump is an existential threat to our earned benefits. Despite his lies that he will not cut Social Security, all of his budgets as president proposed deep cuts." According to Bauman, the Republican House majority could potentially cut Social Security by $1.5 trillion and then raise the retirement age to 69 years old.
Data from the official Social Security Administration (SSA) website for May this year found that 52,780 elderly citizens were receiving Social Security benefits, which is an amount of over $100,000 excluding money received from the Supplemental Security Income (SSI). It's not just the elderly who should be considered for potential cuts to these benefits. The Center on Budget and Policy Priorities revealed that in February of this year, about 67 million people collected Social Security benefits, which is one in every five residents. However, for the elderly, these benefits provide retirement protection, and it was revealed by the SSA that 97% of elderly citizens have received or will receive Social Security benefits despite the fact that the amount only replaces around 39% of their past earnings.
In an opinion piece for Common Dreams, Nancy Altman, who is president of Social Security Works PAC, wrote, "Biden has endorsed congressional efforts to expand both Social Security and Medicare," she added, "He supports paying for those expansions by requiring billionaires and the uber-wealthy to pay their fair share."
Common Dreams reported what Julie Chávez Rodriguez, Biden's campaign manager, said about the endorsement of the three groups, that Biden "has always had the backs of seniors and he is honored to receive the endorsement ‘of three groups' at the forefront of efforts to advocate for seniors and protect vital programs like Social Security and Medicare." According to Rodriguez, the senior citizens of the country deserve a president like Biden, who puts their needs first.
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