The primaries for Presidents are all anyone is talking about these days. You can’t go on Facebook without seeing your friends and family putting their two cents in. One of the issues people are paying a lot of attention to this go-around is Social Security and its future. Americans are underprepared for retirement. Social Security is still one of the primary sources of income for retirees in America. However, it is estimated that by 2034 Social Security will not be able to meet the needs of Americans. So here is how the Presidential candidates plan to fix Social Security.
Donald Trump has said, unlike other Republicans, that Social Security is not an entitlement. He believes that Social Security is an agreement between individuals and the government that should be upheld. Trump believes that those individuals who have been paying into Social Security should not view Social Security as an entitlement but rather making good on a deal with the government. However, Trump has opposed making cuts to SS and increasing retirement age. Trump has also stated that those who are wealthy do not need Social Security and should be able to turn down benefits. He believes that would improve the overall Social Security.
Cruz believes that Social Security needs to be brought up to speed with the times and reduce the benefits to be able to keep the system running. Cruz believes that to solve Social Security’s issues, expenditures and benefits should be lowered instead of increasing taxes on Americans or expanding the program. He has also stated that while he doesn’t want to change the benefits that those who are already receiving them, he does want to raise the retirement age, cap the cost of living adjustments and encourage Americans to invest in personal savings instead of relying on the government and social security.