Social Security Reform on the Ballot: Democrats Propose Benefit Increases, Republicans Suggest Cuts

Voters in upcoming elections may not only be choosing between Republican, Democratic, or third-party tickets but also determining Social Security’s future. The trust funds that sustain the program are predicted to deplete by 2034 which would cause an automatic benefit cut of at least 20% unless measures are implemented beforehand. Accordingly, Congress is weighing this dilemma while deciding on Social Security’s role in Americans’ lives moving forward. Democratic lawmakers like Rep. John Larson have proposed increasing benefits for all beneficiaries by raising taxes from people earning more than $400,00 a year as well as closing loopholes that enable wealthy taxpayers to avoid paying Social Security on additional income; the plan currently has 184 co-sponsors. However, Republican proposals suggest changes such as increasing retirement ages and cutting federal spending across the board which Democrats have criticized for potentially entailing $1.5 trillion in cuts from social security. Nancy Altman, President of Social Security Works argues that enacting any solutions to fix social security must occur through a bipartisan effort conducted openly with public input rather than closed-door commissions proposed by Republicans. The size and complexity of the shortfall make it improbable for either party to ram through its preferred solution without compromising, says Charles Blahous from Mercatus Center at George Mason University who advocates changes that affect future beneficiaries alongside tax increases or benefit cuts which lawmakers have successfully closed before in similar situations. Social Security benefits are regularly increased via modifications made to the initial benefit formula and cost-of-living adjustments, a pattern noted by Blahous. Larson remains determined to push for his proposal while advocates argue that expanding social security’s advantages and financing it through contributions from affluent taxpayers will garner widespread acclaim and gratitude across society as a whole.