Biden must reform Social Security if he won’t stand for benefit cuts
Tiana Lowe
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As an octogenarian in politics is wont to do, President Joe Biden used his second State of the Union address to accuse Republicans of wanting to sunset Social Security and Medicare. After scoring heckles across the aisle, the president used the pushback to unify the Hill.
“So tonight, let’s all agree to stand up for seniors,” Biden said. “Stand up and show them we will not cut Social Security. We will not cut Medicare. Those benefits belong to the American people. They earned them. If anyone tries to cut Social Security, I will stop them. And if anyone tries to cut Medicare, I will stop them.”
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But not only is Biden arguing against a straw man here — sadly, no sitting Republicans actually are pledging to cut entitlements — but he is also forgetting that doing nothing is tantamount to a massive cut of Social Security benefits!
Absent a major reform from Social Security, the program will become insolvent in a little more than a decade. Upon insolvency, benefits will be slashed by 20% to 25% across the board.
It’s not as though the GOP’s fealty to entitlements is laudable in any way. If Republicans wish to balance the budget within the decade without touching entitlements or defense spending, the Committee for a Responsible Federal Budget projects Congress would need to slash 85% of the rest of the budget.
Could tax hikes fill in the void of the Social Security Trust Fund once insolvency hits? Maybe — if Democrats and Republicans were comfortable with jacking up the payroll tax by 25%.
The only solution to prevent the legally mandated benefit cuts of Social Security after its insolvency is meaningful reform. Biden’s demagoguery on the issue is rank dishonesty, and the Republicans playing along with his priorities are just as shameful.
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