Hillary Clinton and the Democrats want both to increase the average Social Security benefit, which would mean that older adults with low incomes see an increase in benefits, and to change the way cost-of-living adjustments to Social Security are calculated so that benefits increase in tandem with the increase in costs to older adults. This year, Social Security benefits did not increase even though health care costs for older adults increased significantly because benefit increases are based on the cost of a typical basket of goods for a younger population that does not use a lot of health care. And, for the same reason, Social Security benefits are not likely to increase in 2017 either.
Democrats propose to pay for the increase in Social Security benefits by lifting the cap on Social Security contributions for the wealthiest Americans. Anyone earning more than $250,000 a year would continue to make contributions to Social Security on income above $250,000. They would not make contributions on their income between the current cap and $250,000. These additional contributions to Social Security would extend its life from 2034 to 2084.
Democrats further pledge to fight Republican proposals to cut or privatize Social Security benefits.“We will fight every effort to cut, privatize, or weaken Social Security, including attempts to raise the retirement age, diminish benefits by cutting cost-of-living adjustments, or reducing earned benefits.” While the Republican Party platform does not expressly state it will cut or privatize Social Security, the language in the platform suggests the Republicans will continue in their attempts to do so.
Hillary Clinton and the Democrats see health care as a right, and they recognize the value of a public health insurance option like Medicare to give people meaningful choice. They want to ensure everyone has access to a public health insurance option and that people 55 and over can enroll in Medicare if they choose. Moreover, the Democratic Party platform states that “Democrats will fight any attempts by Republicans in Congress to privatize, voucherize, or “phase out” Medicare as we know it. And we will oppose Republican plans to slash funding and block grant Medicaid and SNAP, which would harm millions of Americans.” Democrats also plan to address out-of-control drug prices and excessive health care costs.
Here’s more from Just Care:
- Trump, Republican platform on Social Security and Medicare
- Expand Social Security, don’t means test it
- Financial transaction tax a progressive way to pay for Medicare and Social Security expansion
- Vast majority of Americans want to expand Medicare and Social Security or keep spending as is