{"id":97891,"date":"2020-10-26T18:38:00","date_gmt":"2020-10-26T15:38:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/can-trump-or-biden-fix-social-security\/"},"modified":"2020-10-26T18:38:00","modified_gmt":"2020-10-26T15:38:00","slug":"can-trump-or-biden-fix-social-security","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/can-trump-or-biden-fix-social-security\/","title":{"rendered":"#\n  Can Trump or Biden fix Social Security?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6aefcdb6c55bf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6aefcdb6c55bf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/can-trump-or-biden-fix-social-security\/#Trump_and_Biden_briefly_talked_Social_Security_during_the_debate_%E2%80%94_but_they_have_more_work_to_do\" >Trump and Biden briefly talked Social Security during the debate \u2014 but they have more work to do<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/can-trump-or-biden-fix-social-security\/#Alessandra_Malito\" >Alessandra Malito<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Can Trump or Biden fix <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security?<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Trump_and_Biden_briefly_talked_Social_Security_during_the_debate_%E2%80%94_but_they_have_more_work_to_do\"><\/span>\n  Trump and Biden briefly talked Social Security during the debate \u2014 but they have more work to do<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000045630\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Considering how important retirement security is to most Americans, the presidential candidates have spoken relatively little about it.<\/p>\n<p> In the final presidential debate on Thursday, President Trump and Democratic presidential candidate Joe Biden touched lightly on Social Security, though only to say neither one would help the program. Trump accused Biden of \u201cdestroying your Social Security.\u201d Biden said if the president continued his plan to withhold payroll taxes, the program would be bankrupt in three years. <\/p>\n<div class=\"paywall\">\n       \u201cThe idea that Donald Trump is lecturing me on Social Security and Medicare?\u201d Biden said. \u201cCome on.\u201d\u00a0<\/p>\n<p>A plan can\u2019t come soon enough. Social Security is in trouble, which means Americans\u2019 future retirement security could be as well. The two trust funds that support the program are expected to run out of funds within 15 years, according to the Social Security Administration\u2019s trustees report, at which time beneficiaries would still get paid \u2014 but only about 80% of what they are owed. This would be detrimental to the millions of people who rely on the program for some, if not most, of their retirement income. Fixing it is urgent to keep millions of seniors from poverty.\u00a0<\/p>\n<p>Trump has said if he were re-elected he would want to cut the payroll tax, which is the major source of funding for the program, and instead perhaps pay for it through the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> tax fund, which comes mostly from income taxes. Comparatively, Biden has laid out a proposal to enhance the program as well as other benefits for older Americans, the candidate said on his <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/joebiden.com\/older-americans\/\" class=\"icon none\">campaign site<\/a>.\u00a0<\/p>\n<p>\u201cWhat is commendable about Biden\u2019s plan is that he actually has one, taking the financial challenges facing Social Security seriously,\u201d said Richard Johnson, senior fellow and director of the program on retirement policy at Urban Institute, a nonprofit think tank.\u00a0<\/p>\n<p><strong>See:<\/strong> Social Security missteps could push millions of elderly Americans into poverty<\/p>\n<p>Biden has made suggestions to improve Social Security, including increasing payroll taxes to earnings above $400,000, compared with its current $137,700. Such a change would result in 6% of workers contributing more by 2050, according to the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.taxpolicycenter.org\/taxvox\/close-look-joe-bidens-social-security-proposals\" class=\"icon none\">Tax Policy Center<\/a>, but could come with political pushback as it requires only higher earners to make \u201cadditional sacrifices,\u201d the center said.\u00a0\u00a0<\/p>\n<p>Right now, the cap on payroll taxes that go toward Social Security is $137,700, which means earnings above that limit are not contributed to the program. By increasing the earnings cap, a quarter of the program\u2019s long-term funding deficit would be closed and the lifetime of the trust funds would gain about five years, according to an Urban Institute research <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.urban.org\/research\/publication\/how-would-joe-biden-reform-social-security-and-supplemental-security-income\" class=\"icon none\">report<\/a>.\u00a0<\/p>\n<p>\u201cHe addresses the long-term solvency by adjusting the cap,\u201d Max Richtman, president of the National Committee to Preserve Social Security and Medicare, said of Biden. \u201cThat would make the program solvent for practically the rest of the century. He is committed to protecting it.\u201d\u00a0<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Other research centers have looked at the potential impact of Biden\u2019s plan on the program as well.<\/p>\n<p>The Democrat also proposes a minimum benefit under his plan, where beneficiaries who worked 30 years would get a benefit no less than 125% the federal poverty level. Biden\u2019s campaign called the current minimum benefit \u201centirely ineffective.\u201d Biden\u2019s plan also touches on restrictions to teachers and other public-sector workers.\u00a0<\/p>\n<p>Still, Biden\u2019s plan doesn\u2019t solve Social Security\u2019s problems, said Brenton Smith, an analyst who writes about Social Security.\u00a0<\/p>\n<p>\u201cIt needs detail,\u201d Smith said. There are factors that require more thought, such as the way credits will be used for benefits and looking more closely at who gets benefits and why. \u201cThey need to simplify the system,\u201d he said. \u201cThey need to look to reform and fix the system before they look for ways to pay for it.\u201d\u00a0<\/p>\n<p><strong>Also see: <\/strong>Trump\u2019s election year gamble: Messing with Social Security and Medicare\u00a0<\/p>\n<p>Critics also say Biden\u2019s plan has a major deficiency: it doesn\u2019t take into account the impact COVID-19 will have on the program \u2014 even though the effects of this pandemic could be catastrophic on the future of these benefits, Smith said. The Social Security Administration uses various factors to calculate benefits, including the growth of average wages in the country since the year the earnings were received. Millions of Americans were out of work or saw a reduction in benefits because of the pandemic, and many others will take on part-time work, affecting the formula. <\/p>\n<p>\u201cCOVID is going to come and rewrite things next year,\u201d Smith said.\u00a0<\/p>\n<p>Social Security is often called the \u201cthird-rail\u201d of politics, since Americans are so passionate about the program, and politicians may not want to lean toward controversial proposals about higher taxes or benefit cuts.\u00a0<\/p>\n<p>\u201cWhat is striking about what we have seen recently on the Democrats side is there is an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite for Social Security reform,\u201d Urban Institute\u2019s Johnson said. Multiple candidates have put forth plans for Social Security, including Sen. Bernie Sanders and Rep. John Larson. \u201cAs soon as Congress addresses the problem, the easier it is to fix.\u201d\u00a0<\/p>\n<p>Still, finding bipartisan support for a solution may be challenging, Johnson said.\u00a0<\/p>\n<p>The president hasn\u2019t laid out a specific proposal for Social Security, but his remarks about cutting the payroll tax and using general revenue could be harmful to the program, experts said. Earlier this year, the president said he was allowing companies and employees to defer payroll taxes, if they so choose. This would mean more money in the paychecks of working Americans, at least temporarily. Because it\u2019s a deferral, the money would need to be paid back unless the government says otherwise.<\/p>\n<p>Forgoing the tax completely would alter Social Security indefinitely. Social Security does take in other funding streams, but the payroll tax is the largest, Richtman said. \u201cThat is a surefire way to strangle the funding stream and the program would disappear,\u201d Richtman said. \u201cThat\u2019s tantamount to destroying the program.\u201d<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Alessandra Malito\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Alessandra_Malito\"><\/span>Alessandra Malito<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21004575-02D4-D4B5-4572-DB23E8A82103%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Can Trump or Biden fix Social Security? &#8221; Trump and Biden briefly talked Social Security during the debate \u2014 but they have more work to do Considering how important retirement security is to most Americans, the presidential candidates have spoken relatively little about it. In the final presidential debate on Thursday, President Trump and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":97892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-97891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/97891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=97891"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/97891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/97892"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=97891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=97891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=97891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}