Social Security wasn’t exactly a hot topic during the 2020 presidential race. COVID-19, rampant unemployment, and election theatrics dominated headlines. But for the roughly 1 in 6 Americans who receive benefits, Social Security is very much top of mind.
President Joe Biden’s platform included several proposals that could modestly increase Social Security benefits for some recipients. But the real question for taxpayers who won’t get benefits for at least a decade is: What will Biden do to ensure the program’s solvency?
Social Security recently started paying out more money than it’s taking in. The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement and survivors benefits, has enough to continue benefits as promised through 2034. But beyond that, payroll taxes will only fund 76% of its obligations.
Biden hasn’t talked a lot about specific plans for Social Security since he was sworn into office in January. But his platform said this about Social Security: “The Biden Plan will put the program on a path to long-term solvency by asking Americans with especially high wages to pay the same taxes on those earnings that middle-class families pay.”