President Biden has been vocal about his commitment to opposing any cuts to Social Security benefits. During his State of the Union address earlier this year, he emphasized that there would be no room for such cuts, stating, “Not today. Not tomorrow. Not ever.”
The Republican Study Committee (RSC) has a different perspective on Biden’s Social Security plan
The RSC‘s proposed 2024 budget, aims to protect seniors from what they believe to be President Biden’s 23 percent across-the-board cuts to Social Security. To clarify, Biden’s Social Security plan proposed 2024 budget does include increased funding for the Social Security Administration’s field office staffing. However, it does not outline any significant reforms to the Social Security program, leaving it silent on that front.
The RSC interprets this silence as an indication of inaction regarding Biden’s Social Security plan, leading them to predict significant cuts to the program if Congress takes no action and the president strengthens it. Regrettably, this gloomy outlook seems to hold some truth. According to the most recent Social Security Trustees report, the combined trust funds for Biden’s Social Security plan are projected to exhaust their funds by 2034. Without additional revenue or cost-saving measures, steep benefit cuts may be inevitable.
Despite being in office, President Biden has yet to present specific changes aimed at preventing future benefit cuts
In contrast, the RSC’s proposed budget includes a gradual increase in the full retirement age, assuring that it would not affect benefits for current or near-retirement seniors and would ensure solvency for the next decade.
While some claim that Biden’s Social Security plan includes a 23% benefit cut, it’s crucial to recognize that the president has not explicitly unveiled such a plan. His proposed 2024 budget emphasizes the administration’s commitment to safeguarding and strengthening Biden’s Social Security plan, and they oppose any attempts to cut benefits for current or future recipients. They also express a desire to work with Congress to ensure that high-income individuals pay their fair share towards funding Biden’s Social Security plan.
Despite the ongoing political wrangling, seniors who are retired or nearing retirement need not overly worry about imminent benefit cuts. It remains essential for individuals to have other sources of retirement income outside of Social Security, as the program was never intended to fully fund retirement. However, the urgency for Biden’s Social Security plan reforms to prevent cuts in the next decade is undeniable.