“Republicans Will Do Away With Social Security if Elected”: Biden’s $22.4 Trillion Social Security Plan Unlikely To Pass Due to Congress “MAGA Politicians”

Michelle HollandDec 1, 2023

Minute Read

President Biden has outlined his four-step plan to revive America’s Social Security program — but it won’t be cheap. The $22.4 trillion overhaul could pose a tax burden to working-class Americans, but Biden hopes it will bring about significant improvements to their lives.

Running Out of Funds

America’s Social Security system is slated to run out of funds by 2033 if no intervention occurs. This could see a dramatic drop in benefits of up to 24%, which could be life-ruining to American citizens who rely on the program as their main or sole source of income in retirement.

Biden’s Plan to Save Social Security

To address the $22.4 trillion funding gap, Biden has come up with a four-point agenda to ensure retirees are financially covered. His plans are intended to impact the rich, but people in all income brackets are likely to be affected.

Taxing the Wealthy

Currently, the first $160,200 of income is taxed, but Biden wants to introduce extra taxes for those earning above $400,000 as well. Income between $160,200 and $400,000 would not be taxed.

Recalculating Living Expenses

Biden is looking to rethink the Cost of Living Allowance (COLA) program, as its increases are calculated in a way that does not accurately represent retired Americans’ living expenses. Biden wants to ensure that this system is much more reflective of people’s financial reality.

Age-Based Increases

Biden has proposed increasing the Social Security benefits of retirees in the 78 to 82 age bracket to help support their rising healthcare costs. The lack of a publicly funded universal healthcare system in the U.S. means that medical treatment is often expensive and inaccessible.

Boosting Lower Earners

Lifetime low-wage earners are currently awarded approximately just $1,033.50 per month, which Biden is hoping to raise to $1,518.75 at a minimum to make their living expenses more manageable. This would be an annual increase from $12,402 to $18,225.

Lack of Bipartisan Support

The difficulty for Biden will be in getting his new policy past Congress. So far, there is no bipartisan support for the proposal and the Republican-majority House can hold up legislation before it can reach the Democratic-majority Senate.

Tensions In Congress

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Ongoing tensions in Congress could make this an increasingly tricky feat. House Republicans are currently divided in their attempts to secure a budget, which led to House Speaker Mike Johnson relying on Democrats to avoid a federal shutdown. Securing bipartisan support will be crucial to Biden’s plan seeing success.

Finding Common Ground

Democrats and Republicans will need to compromise to give Biden’s Social Security agenda a real shot. This will be a challenge, especially as Congress heads into the upcoming presidential election year, which many people are anticipating to be critical to the future of American democracy.

Working-Class Implications

Working-class citizens in America could be both positively and negatively impacted by the new agenda. Though the benefits directly proposed by the plan could be hugely helpful to a lot of citizens, the raised taxes on higher earners could result in decreased job creation. This could potentially cancel out the positive effects of the extra generated revenue.

A Race Against the Clock

To achieve the best possible outcome, Biden will need to enact the plan as soon as possible, but it’s too soon to say whether Congress will allow it to proceed. Biden is being pressured to act urgently to secure the financial future of America’s retirees who depend on Social Security.

Planning for Reelection

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People online praised the agenda and felt that it would be an essential plan as part of Biden’s reelection platform against former president Donald Trump, who is expected to be the GOP nominee. “Part of the message. Protect social security, abortion rights, and democracy,” one forum commenter wrote.

Targeting the Wrong People

Another was concerned that Biden’s Social Security proposal would not do enough to retain and draw in younger voters. “This will help get older people but it’s the young he needs to worry about. Which means CLIMATE CHANGE and ABORTION RIGHTS.”

Diminishing Support

Many younger people have voiced their refusal to support Biden in another election due to his handling of the Israel-Hamas war. Biden has offered unconditional support for Israel and repeatedly refused to call for a ceasefire, and some Democrats are becoming concerned that this is turning Millennial and Gen Z voters away.

The Role of Congress

Another poster highlighted that Congress will be crucial to Biden’s plan being a success. They said: “I’m not exactly sure how Biden is supposed to “go big” on something that is almost entirely controlled by Congress,” before going on to highlight the incompetency of House Republicans.

The Republican Agenda

Others emphasized that Republicans will never let Biden’s proposal pass as it conflicts with their agenda to slash Social Security. One contributor explained that “MAGA politicians are voting to kill Social Security” because “the super-rich donors (who basically own the party) want the tax break, and the party would be more than willing to kill off the program and screw over its own voting supporters.”

Destined to Fail

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Someone else concurred that the plan is doomed to fail due to the GOP’s approach to Social Security. They declared, “Biden has been defending Social Security this entire time, while Republicans want to cut or dismantle Social Security, and raise the retirement age so more Americans have to work until they die.” Another concluded, “Republicans will do away with Social Security if elected.”