Key insights
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Biden’s Approach
President Biden aims to strengthen Social Security by increasing payroll taxes on higher-income earners and expanding benefits. His proposal includes a minimum benefit for long-term low-wage workers and adjustments to cost-of-living calculations to better reflect the expenses faced by seniors.
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Harris’s Perspective
Vice President Harris supports similar enhancements to Social Security, emphasizing the need for equitable and sustainable funding. She advocates for measures to close the gender pay gap, which would, in turn, increase Social Security benefits for women.
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Trump’s Plan
Former President Trump has proposed different strategies, including privatizing parts of Social Security and reducing payroll taxes. His approach focuses on providing more control to individuals over their retirement funds but raises concerns about the stability and reliability of benefits.
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Impact on Medicare
The article also discusses how each politician would handle Medicare. Biden and Harris aim to expand Medicare coverage and reduce prescription drug costs, while Trump has expressed interest in revamping Medicare Advantage plans and implementing cost-saving measures.
Takeaways
The proposed changes to Social Security and Medicare by Biden, Harris, and Trump highlight contrasting philosophies on how to manage and sustain these vital programs. The approaches vary significantly in terms of funding, benefits, and overall impact on beneficiaries, reflecting broader political ideologies and priorities.