GOP Pushes Back Against Biden’s Plan for Social Security
Republicans have been on the defensive for months, accused by Democrats of wanting to cut Social Security.[0] Now, GOP lawmakers are pushing back, pressuring the Biden administration to address the looming insolvency threat facing the program.[0]
The issue came to a head during a Senate Budget Committee hearing on Wednesday, when Sen. Mitt Romney (R-UT) pressed White House Office of Management and Budget (OMB) Director Shalanda Young about Biden’s plans for Social Security.[1] The exchange grew heated when Cassidy asked why the president doesn’t care, and Yellen replied that he does, and Cassidy said well if he does then where is his plan.[2]
In its report released last month, the Congressional Budget Office (CBO) showed that Social Security may experience a funding shortfall by 2032, which is earlier than previously anticipated.[3] Some lawmakers have proposed raising Social Security’s full retirement age to 70 from 67, which has bipartisan support but has mainly been pushed by Republicans.[4] While this does not technically “cut” benefits it will result in lower benefits for many recipients.[1]
Cassidy questioned the President's lack of concern for the future of Social Security, noting that not a single dollar of the proposed $4.5 trillion in taxes was allocated to preserving the program. “Why doesn't the president care?” she asked.[0] Young responded that Biden “cares very deeply,” and Cassidy asked for the president’s plan to extend solvency for Social Security.[0]
Young declared that, in the opinion of this president, the biggest danger to Social Security are those attempting to reduce it.[3] The budget does not allow[3]
Senator Marco Rubio of Florida exclaimed to The Hill this week that without presidential guidance, the programs in question would never be reformed and saved. He then went on to say that President Biden is “not doing anything” in regard to the matter.[0] Democrats have countered the critiques, insisting the president's accomplishments demonstrate his suitability on the issue.[0]
Sen. Bob Casey (D-Pa.) stated to The Hill on Wednesday that although one could examine the budget, the president has a long history of articulating measures to bolster Social Security.[0]
The Hill has sought a comment from the White House.[0]
0. “Republicans seek to flip the script on Social Security” msnNOW, 17 Mar. 2023, https://www.msn.com/en-us/news/politics/republicans-seek-to-flip-the-script-on-social-security/ar-AA18KRhT
1. “Social Security: Romney Asks Why 25% Drop in Funds Isn’t in Biden’s Budget” AOL, 16 Mar. 2023, https://www.aol.com/finance/social-security-romney-says-simply-112359459.html
2. “‘THAT’S A LIE’: Republican Bill Cassidy Tells Janet Yellen Her Claim About Biden and Social Security is ‘Empirically False’” Mediaite, 16 Mar. 2023, https://www.mediaite.com/tv/thats-a-lie-republican-bill-cassidy-tells-janet-yellen-her-claim-about-biden-and-social-security-is-empirically-false/
3. “Romney grills Biden official about Social Security in tense exchange” msnNOW, 15 Mar. 2023, https://www.msn.com/en-us/news/politics/romney-grills-biden-official-about-social-security-in-tense-exchange/ar-AA18FQ2d
4. “Republicans Keep Pretending That This Social Security Cut Is Not Actually A Cut” TPM, 17 Mar. 2023, https://talkingpointsmemo.com/news/social-security-republican-retirement
