In this year’s election there’s a couple of issues I’m uncomfortable with.
One is the State of Social Security. This is an issue for 64 million of us.
Right now, the Social Security Trust Funds are autonomous, and can only be borrowed from in times when there’s a surplus (U.S.Treasury law). In recent years, these funds have experienced shortfall (Brookings Institute).
Donald Trump is proposing that, if re-elected, the tax deferment that he directed The Treasury Department to enact be made permanent; thereby depleting these funds by 2023 (Center for Policy and Budget). Mr. Trump says that, if elected again, these funds will be paid for out of the General Fund. This bothers me because then Social Security comes under Congressional scrutiny every year for budget cuts, making it one more political football.
Under Mr. Biden’s plan, income tax levied on incomes over $400,000/year would be restored to previous levels.This would create enough money to get rid of the Trust Fund shortfall, give everyone that has been retired for 20 years or more a 2% raise, give a 5% raise to widows and widowers, raise minimum payment to 125% of poverty level, still have money left over for the Federal deficit, AND keep the Trust Fund autonomous from yearly Congressional budget scrutiny. This, to me, makes a lot more sense.