With the upcoming 2020 election, there are many issues which are watched closely as to how the candidates respond to the country’s needs.
One of those issues is watched by the elderly and those who are on the verge of retirement. Social Security has been threatening to go bankrupt for many decades as different politicians dipped into the accounts to pay for other agendas in which it was not meant.
The latest report from the Social Security Board of Trustees stated there is now approximately $2.9 trillion reserved, and it has risen since it began. Before President Trump, and at the rate it was going, it was not expected to go past 2035 before running out of funds.
There is a danger zone Social Security is in with its status if any failures occur between Congress failing to act on updates and lawmakers fixing the laws to leave the funds alone. If any of these two fails, then retired workers will have their checks cut as high as 23 percent.
Sixty-two percent of retirees rely on their Social Security retirement as half of their incomes. Some can live off of the entire amount, but whether they use it as half of their income or all of it, they will feel the effects if their Social Security retirement benefits run out.
This is why it is critical for the people in or around retirement age to see where each candidate stands on Social Security, whether Democrat or Republican. We have a president now who is willing to fight for the Social Security program for retirees.
This will be a key factor in the age group of voters who are retired or getting ready to retire. There are many important factors Americans need to realize about our president and what his ideas and plans are for Social Security.
President Trump is all for “honoring the deal.” He believes Social Security is not an entitlement. This is not something a person should receive if they have never worked a day in their life.
They have to work to put money into the system which pays for the next generation. Retired workers should never lose their opportunity for benefits if they worked till retirement age. The President feels lawmakers need to keep their end of the deal up and keep the system going.
Here is an excerpt from a book President Trump wrote in 2011 stating his thoughts on the program, “Social Security faces a problem: 77 million baby boomers are set to retire. Now I know there are some Republicans who would be just fine with allowing these programs to wither and die on the vine. The way they see it, Social Security and Medicare are wasteful ‘entitlement programs.’ But people who think this way need to rethink their position. It’s not unreasonable for people who paid into a system for decades to expect to get their money’s worth, that’s not an “entitlement,” that’s honoring a deal. We as a society must also make an ironclad commitment to providing a safety net for those who can’t make one for themselves.”
The president is not scared in the least to tell the public the truth about Social Security. There is no solution either party can bring which will not affect them in the polls. The system is meant to help the majority, not each individual according to their own needs.
At a 2013 Conservative Political Action Conference, the president stated this, and he still feels this way, “As Republicans, if you think you are going to change very substantially for the worse Medicare, Medicaid, and Social Security in any substantial way, and at the same time you think you are going to win elections, it just really is not going to happen… What we have to do and the way to solve our problems is to build a great economy.”
In 2017, President Trump signed the Tax Cuts and Jobs Act, and it became a law. It dropped the tax rates from 35 percent to 21 percent. People may be wondering, how can this help Social Security?
With the 12.4 percent payroll tax, it is the foundation of the program. It created more jobs, and this tax brought in $885 billion in 2018. The more people work, then the more payroll tax is collected.
In just 2018 alone, this gives a great outlook for the Social Security program by creating a great economy as it rolls in to the present and beyond.