Trump’s Platform: What Is His Plan for Social Security and Medicare?
The Republican National Party unveiled their official platform just before their national convention. While it’s thick on political rhetoric and sparse on details, it is more robust than their 2020 platform, which literally did not exist and was instead merely a full-throated endorsement of Donald Trump.
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This year, Chapter Six of the GOP Platform outlines the party’s plan for saving Social Security and Medicare should Trump be reelected. Below are the five points. We removed only the non-policy, political attacks on Democrats and asked two policy experts to weigh in on what the rhetoric might actually look like, practically speaking. Because let’s face it, it’s easy to save the world on paper.
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1. Protect Social Security
Platform Declaration: “Social Security is a lifeline for millions of Retirees, yet corrupt politicians have robbed Social Security to fund their pet projects. Republicans will restore Economic Stability to ensure the long-term sustainability of Social Security.”
This line also is a signal for a desire for more robust supervision and possibly a look at taxes and benefits, said Chuck Warren, a political expert and host of Breaking Battlegrounds Politics Podcast.
“The confession over the misappropriation of funds exposes a need for more robust supervision and accountability in the management of Social Security coffers,” said Warren. “In practical terms, it could mean tighter controls on how these funds are allocated,” he said. For long-term sustainability, he said that payroll taxes or benefits might also need adjusting, although he warned that that would be difficult politically speaking.
In addition to this, “practical steps could include measures to prevent the reallocation of Social Security funds for unrelated expenses and ensuring that contributions are adequately invested for future payouts.” said Kateryna Odarchenko, a political consultant and partner at the pro-democracy SIC Group.
2. Strengthen Medicare
Platform Declaration: “Republicans will protect Medicare’s finances from being financially crushed by [the addition of] tens of millions of new illegal immigrants to the rolls of Medicare. We vow to strengthen Medicare for future generations.”
Whether the political rhetoric is true or not is debatable, but Odarchenko said that “this statement reflects a strong stance against expanding Medicare eligibility to undocumented immigrants, which Republicans argue would strain the program’s resources.” She says that Trump could also argue for policy reforms aimed at reducing costs and improving efficiency under the guise of immigration reforms.
Warren agreed, but also said that the exclusion of undocumented aliens has to be counterbalanced by practical health needs and moral considerations. “One approach could be [negotiating] drug prices to save costs and fighting fraud in Medicare,” he said. “Such measures help ensure that funds are used effectively for both present and future beneficiaries.”
3. Support Active and Healthy Living
Platform Declaration: “Republicans will support increased focus on Chronic Disease prevention and management, Long-Term Care, and Benefit flexibility. We will expand access to Primary Care and support Policies that help Seniors remain in their homes and maintain Financial Security.”
Again, tackling chronic disease and allowing grandma to remain in her home sounds good from the 30,000-foot level, but how do we get there? “Practically speaking, this could increase funding for community-based health programs, incentives for healthcare providers working towards prevention, as well as telehealth service supporting policies,” said Warren.
In addition, he said, this might mean tax breaks for home renovation for elderly-friendly facilities, as well as financial incentives towards supporting caregivers. Odarchenko said that this might also involve monetary incentives for following a healthy lifestyle.
4. Protect Care at Home for the Elderly
Platform Declaration: “Republicans will shift resources back to at-home Senior Care, overturn disincentives that lead to Care Worker shortages, and support unpaid Family Caregivers through Tax Credits and reduced red tape.”
If Trump were to prioritize this, in the best light, it would mean a shift toward more efficiency and flexibility. “This could involve increasing funding for home health services, providing tax incentives for family caregivers, and addressing workforce shortages by improving training and compensation for care workers,” Odarchenko.
Warren believes that for this to work well, it would take the shape of tax breaks and the elimination of red tape for family caregivers and improved wages, training or immigration policies that facilitate the hiring of skilled caregivers.
5. Protect Economic Foundations for Supporting Seniors
Platform Declaration: “Republicans will tackle Inflation, unleash American Energy, restore Economic Growth, and secure our Borders to preserve Social Security and Medicare funding for the next Generation and beyond.”
Both Warren and Odarchenko agreed that these are broad, sweeping policy goals aimed at strengthening the economy in order to enable Social Security and Medicare funding. Practically speaking, said Warren, this might include initiatives to increase domestic energy production as well as lowering regulations on businesses in hopes of the continuation of job creation.
“Securing borders to prevent illegal immigration is also suggested as one way to protect economic resources,” said Warren. “However, this would need a balanced approach that does not negatively affect the labor market and economic growth.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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