During the recent presidential debate, Social Security and Medicare were barely mentioned, despite their importance to millions of Americans. The two programs are facing projected shortfalls, with the Social Security trust fund only able to pay full benefits until 2035.
Currently, there are 67.5 million people enrolled in Medicare and nearly 68 million people receiving benefits from Social Security each month. Democratic nominee Kamala Harris and Republican candidate Donald Trump have both pledged to “save” the programs, without detailing how they plan to address their financial stability.
Harris has proposed strengthening Social Security and Medicare by making millionaires and billionaires pay their fair share in taxes. She also aims to include long-term home care for seniors enrolled in Medicare. On the other hand, Trump has expressed a desire to end taxes on Social Security benefits, which could accelerate trust fund depletion.
The challenge for the next president will be finding a bipartisan path forward on legislation to ensure the long-term solvency of Social Security and Medicare. With Harris potentially spending eight years in the Oval Office, addressing the trust funds’ solvency will be a crucial issue. Despite differing approaches, both candidates have highlighted the importance of protecting these vital safety net programs for America’s seniors.
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Photo credit tennesseelookout.com
The positioning of Harris and Trump in Tennessee, according to Tennessee Lookout
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