(C) Common Dreams
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Biden vows to protect Social Security, Medicare and 'make the wealthy pay their fair share,' in State of the Union [1]
['Lorie Konish']
Date: 2024-03-08
U.S. President Joe Biden delivers his third State of the Union address in the House Chamber of the U.S. Capitol in Washington, D.C., on March 7, 2024. Shawn Thew | Via Reuters
President Joe Biden urged lawmakers to "stand up for seniors" in his annual State of the Union address on Thursday, while pledging to protect Social Security and Medicare. "If anyone here tries to cut Social Security or Medicare or raise the retirement age, I will stop them," Biden said. The president's vow comes as he will likely face off with former president Donald Trump at the polls in November. While Trump has said he doesn't plan to touch Social Security, former Republican candidate Nikki Haley suggested raising the retirement age on the campaign trail. Social Security and Medicare face crucial inflection points. The trust funds Social Security relies on are due to run out within 10 years, or by 2034, at which point 80% of benefits will be payable, the program's trustees have projected. Medicare's hospital insurance fund, which is dedicated to Medicare Part A, may be depleted in 2031. To fix Social Security's funding, Biden on Thursday suggested lifting the annual payroll tax cap — currently limited to $168,600 in wages — to "make the wealthy pay their fair share."
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[1] Url:
https://www.cnbc.com/2024/03/08/state-of-the-union-biden-says-wealthy-should-pay-fair-share-to-social-security.html
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