It doesn’t seem like Social Security is going anywhere soon.
Being a senior, one of my major concerns during the Donald Trump presidency is how Social Security will be treated. We already know the demise of the current system is unavoidable. So I’m digging into seeing what if anything is being done behind closed doors.
For now at least he has this “does-nothing” attitude which makes me a little leery.
Forbes has an article which is about a month old: “The election of Donald Trump, along with continued Republican majorities in the House and Senate, will likely result in major cuts in federal programs that benefit older adults and younger people with disabilities.
“Some of the programs that could be targeted: Medicaid, important reforms in the way health care is delivered through Medicare and services funded through the Older Americans Act such as Meals on Wheels, adult day, information assistance. And while Trump vowed throughout his campaign to leave Social Security and Medicare untouched, congressional Republicans have targeted both programs and it is not clear whether the new president would resist their efforts to cut benefits...It is important to note that Trump carefully avoided identifying specific spending reductions throughout the campaign. He did back a House GOP plan to cap federal spending for Medicaid, a program that benefits very poor and very sick older adults and people with disabilities, as well as low-income mothers and children.”
It would seem Trump is getting ready to play the game “Truth or Consequences.” I’m just wondering if I’m part of the truth or part of the consequences.
From Fox News: “This latest Trump appointee may worry Social Security recipients. President-elect Trump offered a very minimalistic approach to Social Security reforms during his campaign. Rather than addressing specific policies that would alter the program, Trump suggested leaving Social Security untouched in its current form … wants to have an impact on the greatest revenue generator for Social Security: its payroll tax .… plans to boost payroll tax revenue by cutting individual and corporate income tax rates.”
However, not all of Congress sees eye-to-eye with Trump on Social Security. “For example, earlier this month the chairman of the Ways and Means Social Security subcommittee, Sam Johnson (R-Texas), offered up the Social Security Reform Act of 2016. Johnson’s legislation is designed to make sweeping reforms opens a new window to seniors’ most prized social program, including raising the retirement age, boosting benefits for lower-income retirees, ending the taxation of Social Security benefits, and readjusting how inflation is factored in annually by switching to the chained Consumer Price Index from the Consumer Price Index for Urban Wage Earners and Clerical Workers. Johnson’s plan to save Social Security is a stark contrast to Trump’s hands-off approach, and it begs the question whether or not Trump will be able to honor his campaign commitment to leave Social Security alone while in office with so many Republicans in Capitol Hill fighting for reform.”
According to a statement from Trump, White House Office of Budget and Management choice Rep. Mick Mulvaney will help with “reining in out-of-control spending, fighting government waste and enacting tax policies that will allow working Americans to thrive.” What it’ll also do is put a staunch fiscal conservative who strongly opposes more national debt and believes in a balanced budget in charge of overseeing the incoming president’s budget and ensuring that all of the numbers add up (The Motley Fool).
However, part of Mulvaney’s solution could involve finding ways to reform so-called entitlement programs such as Social Security, Medicare, and Medicaid, which, when combined, currently suck up around half of all federal spending in a given year. This I believe, we seniors need to keep an open eye on Mulvaney until we see which way he is leaning to.