HomeFinance NewsPersonal financeBiden's Bombshell! Social Security, Medicare Safe, Wealthy To Foot Bill

Biden’s Bombshell! Social Security, Medicare Safe, Wealthy To Foot Bill

  • ORIGINAL NEWS

Biden vows to protect Social Security, Medicare and ‘make the wealthy pay their fair share,’ in State of the Union


  • SUMMARY

The future of Social Security and Medicare is at stake in the upcoming presidential election.

President Biden has promised to protect the programs by taxing the wealthy more, while Republicans are considering a commission to evaluate the programs’ solvency, which may lead to benefit cuts.

Social Security’s trust funds are expected to run out within 10 years, while Medicare’s hospital insurance fund may be depleted in 2031.

Biden suggests lifting the annual payroll tax cap to cover the costs, as workers currently stop contributing once they reach a certain income threshold.

Democrats support raising taxes on high earners and investment income, while Republicans aim to create a bipartisan commission to address the issue.

Advocates for the programs worry that the commission could lead to benefit cuts.

Biden has also proposed increasing government negotiation power for prescription drugs and establishing minimum staffing levels for nursing homes.


  • NEWS SENTIMENT CHECK
  • Overall sentiment: positive
  • Positive



    “President Joe Biden promised to protect benefits by requiring the wealthy to pay their ‘fair share.'”

    “Biden has not proposed a specific plan to address Social Security’s solvency as president.”

    “Biden also took the opportunity on Thursday to tout other initiatives to help seniors.”

    Negative



    “The trust funds Social Security relies on are due to run out within 10 years.”

    “Medicare’s hospital insurance fund… may be depleted in 2031.”

    “Republicans will cut Social Security and give more tax cuts to the wealthy,”

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