CNN: On Social Security, Trump and Pence Couldn’t be More Different

The following is an excellent article from the CNN website written by Jeanne Sahadi on July 15, 2016 titled “On Social Security, Trump and Pence Couldn’t be More Different” and I quote:

“On Social Security, Trump and Pence couldn’t be more different”

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It’s easy to summarize Donald Trump’s position on Social Security. He doesn’t want to touch it.

But his new running mate, Indiana Governor Mike Pence, has a very different view. He wants to radically reform the program.

Pence spent 12 years in Congress as a leading fiscal conservative.

During his tenure he backed various efforts to reform Social Security in a bid to make the program solvent for the long term and to reduce government spending. Among those efforts was President Bush’s 2005 reform proposal.

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Among other things, Bush’s plan would have let workers divert some of their payroll taxes into private investment accounts. It also would have reduced the growth rate in benefits for future high-income retirees.

Related: Clinton vs. Trump on spending, taxes and debt

Pence and other conservatives had previously proposed a similar but more aggressive reform plan than Bush’s — one that would have phased in faster and let workers put more of their payroll taxes into private accounts.

Critics of such plans note that diverting payroll taxes into private accounts would not help shore up the long-term funding of Social Security. And Democrats especially would prefer higher taxes on high-income workers to be a central part of any reform plan.

In 2010, when asked whether he’d support making cuts to Social Security, Pence told CNN, “I think everything has to be on the table.”

When asked if he’d raise the retirement age, he said, “I’m an all-of-the-above guy. We need look at everything on the menu.”

Related: Social Security trust fund projected to run dry in 2034

At the time, he said any reforms should just affect Americans under the age of 40, so as not to violate promises to seniors and those nearing retirement.

His new boss couldn’t disagree more on the issue, at least judging from what he’s said publicly.

During a call-in to radio station WROK this spring, Trump made clear he wants nothing to do with Republicans’ desire to reform the program. He cited in particular House Speaker Paul Ryan.

“Well Paul … nice guy but I disagree with him on this … Paul wants to knock out Social Security, knock it down, way down … No. 1 you’re going to lose the election if you do that. … But more importantly … I want to keep SS intact … I’m not going to cut it, and I’m not going to raise ages, and I’m not going to do all of the things that they want to do. But they want to really cut it, and they want to cut it very substantially, the Republicans, and I’m not going to do that.”

As for how he’d address the program’s long-term shortfalls, he plans to rely on economic growth to do all the heavy lifting. At least that’s what he told the AARP and has said in many other forums during his campaign.

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About tim074

I'm a retired dairy farmer that was a member of the National Farmer's Organization (NFO). Before going farming, I spent 4 years in the United States Air Force where I saved up enough money to get my down payment to go farming. I also enjoy writing and reading biographies and I write about myself as well as articles and excerpts I find interesting. I'm specifically interested in finances, particularly in the banking industry because if it wasn't for help from my local Community Bank, I never could have started farming which I was successful at. So, I'm real interested in the Small Business Administration and I know they are the ones creating jobs. I have been a member of Common Cause and am now a member of Public Citizen as well as AARP. I have, in the past, written over 150 articles on the Obama Blog (my.barackobama.com) and I'd like to tie these two sites together. I'm also on Twitter, MySpace and Facebook and find these outlets terrifically interesting particularly what many of these people did concerning the uprising in the Arab world. I believe this is a smaller world than we think it is and my goal is to try to bring people together to live in peace because management needs labor like labor needs management. Up to now, that hasn't been so easy to find.
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