I Will Preserve and Protect Social Security and Medicare
After seven years of failed leadership from President Obama, our nation is now more than $19 trillion in debt. Even after increasing taxes by nearly $2 trillion, Barack Obama will somehow manage to add more than $8 trillion to the national debt, which is more debt than the 43 presidents who held office before him compiled together.
As a result of the reckless spending in Washington, a child born today like my new grandson, Jack, comes into the world with nearly $60,000 of debt on his or her back.
The next president of the United States must tackle the spending and debt crisis., and leadership starts with being honest with the American people.
In 1965, health care programs and Social Security spending consumed less than a sixth of Washington’s budget. Today, they consume almost half of federal spending and are crowding out investments in national defense, roads and bridges, law enforcement and other national priorities. The retirement of the baby boom generation and the aging of America is exacerbating the problem. Consider that in 1950, there were 16 workers paying taxes into Social Security for every senior collecting benefits. Today the ratio is 3 to 1 and it will fall to 2 to 1 in a few short years.
The status quo isn’t sustainable, and unless the next president and Congress, honestly address entitlement reform, today’s seniors and future retirees could face massive benefit cuts of as much as 25 percent. I believe we should act now rather than inflict this level of pain on seniors. Of all the candidates running for president, I have put forward the most detailed plans to preserve and protect Social Security and Medicare.
As the former governor of Florida, the state with one of the largest senior populations in the country, I understand and respect how important Social Security and Medicare are to ensuring a comfortable retirement for the American people. I would never do anything to weaken these programs or break the promise that has been made to workers who pay into Social Security and Medicare. The reform plan I have released would extend the solvency of the Social Security trust fund for 75 years, ensuring that today’s seniors and the next generation of retirees are protected.
Given the fact that we are living longer and healthier lives, it is only prudent that we increase the retirement age in a responsible way. Today’s seniors and those close to retiring would receive no change in the eligibility age for Social Security. But for younger people, we need to gradually increase the retirement age from 67 to 70. I also believe that we should make it easier for seniors who want to continue to work to do so. My plan would eliminate the payroll tax on seniors at age 67 to encourage more people to continue participating in the workforce. I would also reform the benefit structure to ensure that the minimum Social Security benefit is set at 150 percent of the poverty line. Today, the minimum benefit falls below the poverty threshold. This is wrong and I am committed to providing low-income seniors with a level of benefits that ensures they can live a life of dignity in retirement. I would pay for this reform and extend the solvency of the Social Security trust fund by means-testing benefits for wealthy seniors who have ample personal retirement savings.
Regarding Medicare, I believe the best way to reform the system is to open it up to more competition.
If seniors want to continue participating in traditional Medicare that option should be preserved for them, but we should also give seniors the right to choose from a menu of high quality private plans that may offer benefit packages that are more attractive. As a conservative, I believe deeply in the power of competition to deliver positive change. I have seen it time and again in my 32 years in the private sector, and I know it will work for Medicare as well. Finally, to better shore up Medicare’s finances, I would also apply greater means testing for wealthier seniors.
Liberals like Hillary Clinton are not being honest with the American people about the impending crisis in Social Security and Medicare. They want the American people to believe that doing nothing is a viable option. To ensure that seniors and future retirees can receive Social Security and Medicare benefits that provide them with peace of mind during their retirement years, we must be bold and courageous and tell the truth to the American people. My plan does that and when I am president of the United States I will work to bring Republicans and Democrats together around solutions that preserve and protect Social Security and Medicare.
