Democrats protect your Social Security

This entry is part 5 of 5 in the series Why Federal Programs Matter to Rural Counties

This entry is part 1 of 2 in the series 2024 Issues

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Why Federal Programs Matter to Rural Counties

Food Stamps
Social Security
Affordable Care Act
The Farm Bill & SNAP
Democrats protect your Social Security

2024 Issues

Democrats protect your Social Security
Democrats demand railway safety

President Biden intends to enhance YOUR Social Security by

Not cutting benefits or privatizing the program.
Raising the cap on income subject to Social Security taxes. Right now, income less than $168,600 is taxed. Congress can raise the cap and have higher income earners pay Social Security taxes on more of their income.
Investing in staff and technology at the Social Security Administration (SSA) so that seniors and disabled people can access the benefits they have earned.

As of the end of 2023, Social Security had nearly $2.8 trillion in cash reserves, but because of the large numbers of the “Baby Boomer” generation retiring, the Trustees estimate that this reserve will be expended around 2035. At that point, Social Security will only have enough incoming taxes to pay 83% of benefits.

It is urgent that Congress act to shore up the incoming payroll taxes because as many as 40% of seniors rely on Social Security for all of their income.

In contrast, the 2024 budget proposed by the House Republican Study Committee (RSC) plans many harsh changes to Social Security.

Raising retirement age for full Social Security benefits by 2 full years – from age 67 to 69, thus cutting benefits of future beneficiaries by approximately 13%. This change in retirement age disproportionately harms low- and middle-income seniors, who may work in physically demanding jobs.
Workers in their 50s are given little time to make adjustments to their retirement plans and other changes will result in reduced benefits for higher income workers ($80,652 or more annually).
Spouses who have no retirement benefits of their own, perhaps because they were raising children or were unable to work for some other reason, currently receive half of what their partner receives in retirement. This would be phased out.
The RSC budget would cut $718 billion from Social Security programs over 10 years.

Just when Social Security should be strengthened, Republicans plan to make cuts and change rules to reduce benefits earned by workers, especially middle and lower income workers.