As lawmakers spar over Social Security, its costs are rising fast.
President Joe Biden makes remarks on social security and healthcare cost at the University of Tampa, Fla., on Feb. 9, 2023.
“They’re more than government programs,” Biden told a Florida audience last week. “They’re a promise — a promise we made: Work hard and contribute, and when the time has come for you to retire, you’ll be there — we’ll be there for you to help you out. It’s been a sacred trust, the rock-solid guarantee generations of Americans have counted on, and it works.”
Sen. Mitch McConnell of Kentucky, the minority leader, told reporters Tuesday that “there is no agenda on the part of Senate Republicans to revisit Medicare or Social Security, period,” adding, “I’ve noticed that the speaker of the House has said the same thing.” In its last wave of forecasts, in May, the budget office predicted Social Security spending would grow by two-thirds over the coming decade. That’s more than double the expected growth rate for spending on the military and on domestic programs like education and environmental protection. High inflation could further accelerate that growth; Social Security enacted an 8.7% cost-of-living increase this year, its largest in decades.
Lawmakers could stabilize the programs by raising taxes, reducing spending or simply continuing to borrow money to keep paying full benefits. A group of liberal lawmakers led by Sen. Bernie Sanders, I-Vt., has a proposal to expand Social Security benefits and extend its solvency for 75 years through a variety of new taxes on investment and business income, along with earnings for Americans making $250,000 or more.
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