Democratic congressmen are warning of a possible blow to Social Security that they believe will be dealt if Donald Trump wins re-election in November.
Social Security remains a hotly debated issue for Republicans and Democrats alike, as the program faces a funding crisis.
Estimates show that the Social Security Administration (SSA) will run out of funding by 2035, where the elderly depend on their retirement benefits will be reduced every month by 17 percent.
The Heritage Foundation, a conservative think tank, released a report this week supporting Social Security’s retirement age as a way to prevent the program’s potential insolvency.
“If Congress does nothing, benefits will be cut 21% across the board starting in 2033,” the Heritage Foundation wrote in X this week.
Specifically, the think tank supports gradually increasing the retirement age from 67 to 69 or 70. While this means most Americans will work longer, it may reflect the higher life expectancy Americans have while still maintaining Social Security benefits. future generations, proponents say.
Still, many oppose the measure, as it could create quality-of-life issues for seniors while working to ensure Social Security benefits are still available to them at some point.
“There you are. If Donald Trump becomes president, say GOODBYE to your social security and work plan until your 70s. This is the plan,” said California Representative Eric Swalwell in response to Legacy’s post on X.
Newsweek Swalwell and the Heritage Foundation were reached for comment on Thursday.
The push to raise the retirement age has been called off by some Republicans as President Joe Biden says he is committed to protecting the benefits cut.
“As long as I am President, I will continue to strengthen Social Security and Medicare and protect them from Republican efforts to cut the benefits that the American people deserve,” Biden said earlier this year.
During his speech, the president indicated that Republicans want to raise the retirement age and give special treatment to the wealthy when it comes to Social Security benefits.
“Republicans in Congress have a very different vision. Their budget is the same for the wealthy and special interests to cut Social Security by more than $1.5 trillion, increase the retirement age, increase prescription drug costs, and transition Medicare to a system that will raise premiums for many .senior,” Biden said.
By 2022, the SSA will pay Social Security benefits to 70.6 million people nationwide.
“We know funding Social Security is only going to grow as an important issue as the years go by and as funding the program becomes more challenging,” said Alex Beene, a financial literacy instructor at the University of Tennessee at Martin. Newsweek.
“Ultimately, the political divide will be the determining factor whether the funding problem is addressed by increasing taxes or raising the retirement age. The retirement age is necessary, it will be difficult to implement without some kind of political reaction.
The program faces a funding crisis as more baby boomers retire and younger workers pay taxes into the program.
“A lot of baby boomers haven’t been able to save money and they’re probably going to be stuck,” Patrick Mish, CEO of assisted living platform SilverStay, said earlier. Newsweek. “Living on Social Security income just makes it harder to make ends meet.”
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for a common field.