President Trump has a lot on his plate since taking office this year. Now, about ten months in, he has witnessed multiple natural disasters, the biggest mass shooting in modern US history, all while receiving fierce opposition from anyone left of center.
None of that is stopping him from making progress. Fox Business announced that President Trump has upheld another one of his promises and is helping to increase monthly payments for all Social Security recipients. The increase will be the largest Social Security increase in years. The increase is only going to be around $28, which translates to an average of 2.2 percent increase. Considering the last increase was .3 percent, this is a clear move in the right direction.
As of right now, for the 61 million people collecting benefits, the average payment every month is around $1,253. The 28 dollar figure may not seem like a huge increase, this extra bit of money will help many families who are just scraping by every month.
There may be good news, but there are still problems with Social Security and Medicare. Namely, their problems center around the issues of running low on money to fund the programs.
The Social Security Administration has stated that the funding will start to run dry in the mid-2030s, while Medicare Part A could be left without funds by 2029. Luckily, President Trump is working towards solving this issue now.
At this time, Congress is looking for extra funds to put into Social Security. If they were to run out of funds, the result could be devastating to the millions who are currently living solely off of their Social Security funds and Medicare health care plans.
Congress is forced into a position where they will need to do something soon about this looming problem. The longer they take to address these issues, the worse off people will be on a long-term basis.
A report issued by the trustees state that, “Lawmakers should address these financial challenges as soon as possible.” Their report continues, “Taking action sooner rather than later will permit consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare.”
Republicans have been talking about this issue for quite some time and have vowed to do everything in their power to fix the largest benefit programs run by the federal government. Current House Speaker, Paul Ryan, has stated on numerous occasions that he wants to rework these programs.
President Trump has a different idea entirely. He vowed not to cut funds from Social Security or Medicare and plans on holding true to his original promise.
President Trump has increased Social Security funding by 2.2 percent and has vowed to make sure Social Security and Medicare don’t run out of funds. Do you think he can keep his promise?
However, his idea consists of trying to get people who are currently on Social Security to return to the workforce if at all possible. The cost overall has increased drastically. Social Security and Medicare accounted for around 16 percent of our budget just 50 years ago. Now it is upwards of 40 percent of federal spending — including interest.
President Trump is trying to work with Congress to correct the issues with Social Security and Medicare. The goal is to get more people involved, save more money, and make life better overall for people who are on these federally funded programs. Hopefully, he will be able to accomplish his goal.