Last month, conversations about Social Security came to the forefront of our nation’s politics. Joe Biden largely put this into motion during his State of the Union speech when he accused the GOP of wanting to do away with Social Security.
Republicans have come out on numerous occasions, stating that gutting Social Security is not on their agenda. However, GOP members are also pointing out that if certain changes aren’t made to Social Security, it’s going to run out within about the next decade.
As it turns out, Republicans aren’t the only ones who see the writing on the wall and want to stop Social Security from running out. According to Washington Examiner, Republicans and Democrats alike in Congress are taking steps towards making Social Security more viable in the long run.
A Bipartisan Consensus
Senators from both parties are looking into making 70 the new retirement age in which one qualifies for Social Security. Currently, the age is 67. Though, the problem with this is fewer people are paying into Social Security than those taking from it.
In the long run, this is not feasible for Social Security’s existence. Republicans and Democrats alike therefore have to agree on making changes; otherwise, this program will soon be done for.
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Some congressmembers on board with a raise of the retirement age are GOP Sen. Bill Cassidy and Independent Sen. Angus King.
Lawmakers, in addition to boosting the eligibility age for Social Security, are likewise looking to make the program more determined by how long someone paid into it, rather than their current income.
Despite the work from senators in both parties, the president and many of his supporters have continued to claim GOP members are hostile to Social Security’s existence.
So far, folks with this view have not presented viable alternatives to ensuring that Social Security doesn’t expire within the next ten or so years. In fact, some Democrats have even advocated for lowering the eligibility age.
This would only worsen the current problem of Social Security having fewer people paying into it than withdrawing from the program.
Others Factors to Take Into Account
The downward spiral that Social Security faces today has only been further exasterbated by inflation and overall upticks in living expenses.
Given that inflation is projected to continue to rise for the foreseeable future, the fate of Social Security looks even grimmer, barring serious intervention.
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Despite the bipartisan work in the Senate, any legislation pertaining to Social Security will have to pass in the House of Representatives and then receive a signature from the president.
Whether or not that can even happen at this point remains to be seen.
What are your thoughts about the future of Social Security in the United States? Feel free to let us know in the comments area.