The Stakes of Social Security Are Getting Higher

Earlier this month, Joe Biden poked the bear when he accused Republicans of wanting to gut Social Security. The president made this allegation while delivering his State of the Union address a little over one week ago.

Immediately after the president said this, he was met with pushback from Republicans. House Speaker Kevin McCarthy, seated behind Biden during the address, was seen shaking his head.

Other Republicans in the congressional chamber erupted, protesting and calling Biden a liar. In the moment, the pushback led to a soft attempt from the president to slightly walk back his initial claim.

However, new information from the New York Times reveals that the costs of Social Security are rapidly skyrocketing.

A Closer Look at the Facts

Information from the Congressional Budget Office is shining a light on the reality that the costs of both Social Security and Medicare are growing at a faster rate than nationwide tax revenue within the decade to come.

This is an offshoot of more Baby Boomers retiring and therefore no longer paying into the systems that fund Social Security and Medicare. Some proponents of these programs are now suggesting that in order to keep them alive, raising taxes on high-income earners is the next step.

GOP leaders, meanwhile, have suggested certain modifications to Social Security in order to keep it from completely running out. Some of these modifications include making 67 the new retirement age and reducing spending.

Though amid Biden’s claims, Republican leaders are now making it clear that despite challenges with Social Security, they’re not looking to gut the program entirely.

Senate Minority Leader Mitch McConnell recently spoke about this as well. During a press conference, McConnell stressed that the Senate GOP caucus is not looking to do away with Social Security or Medicare.

He likewise stressed that House Speaker McCarthy recently confirmed the same.

Biden Slammed For Hypocrisy

In the aftermath of Biden’s claims during the State of the Union address, he’s begun to repeat the assertion that Republicans want to eliminate Social Security. As part of this, the president has been reading out various quotes from Republicans that he believes are anti-Social Security.

However, the GOP isn’t taking this laying down. Since Biden picked this fight, Republicans have surfaced footage of him talking decades ago and explicitly endorsing a “freeze” on Social Security, Medicaid, Medicare, and “federal spending” in general.

Somehow, the White House has not yet been available for comment on this footage.

Are you concerned about the current trajectory that Social Security appears to be on? Do you think there are any changes that can be made to stop Social Security from essentially running out within the next decade?

Feel free to let us know in the comments area.

This article appeared in The Conservative Brief and has been published here with permission.