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JD Vance on Social Security
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Get more people in labor force, to bolster Social Security
Last month, the Senator had suggested that Social Security was facing a demographic challenge in the U.S. "One way of understanding the Social Security problem is, old people can't work, young people can, babies can't. So people at a certain age support
the babies and the old people. And typically in our society, that's people between the ages of 18 and 65," Vance said.Vance indicated that America needs more people working to finance the longevity of social security: "You get more revenue from more
people being in the labor force, from higher productivity growth, from higher wages, from transitioning young people who are not working into the work force," he pointed out.
Asked if [he supported] raising taxes to support social security,
Vance said he was not against the idea but questioned whether that would solve the challenge long-term "with demographics that are getting worse and worse [we can't[ solve the problem by taxing rich people. You have to fix the underlying issue."
Source: Newsweek magazine on 2024 Veepstakes
, Jul 15, 2024
No cuts; privatizing social security is a bad idea
Vance seemed to indicate he was against cuts to social security. "If the argument here is we have to cut Social Security, then what you're effectively saying is we just have to privatize what is currently a public problem of who pays for the older
generation. And I don't know why people think that you solve many problems by taking a bunch of elderly people and saying, 'You're on your own.'"Two years ago, the HuffPost suggested that Vance may have in the past supported social
security cuts citing an old blog post where he noted that entitlement programs were widening the federal budget deficits. Vance, though, said that was not his view. "I don't support cuts to social security or
Medicare and think privatizing social security is a bad idea," HuffPost quoted him saying to the publication.
Source: Newsweek magazine on 2024 Veepstakes
, Jul 15, 2024
Problems with the trust fund may be overstated
While running for Senate two years ago, Vance suggested the problems with the trust fund may be overstated. "People overstate the problem with the Social Security trust fund in particular," Vance was quoted as saying by
Bloomberg. "I think so long as we don't do really ridiculous things on spending, Social Security should be stable. It should be something we're able to take care of in the long term."
During that campaign, Vance also said that Americans needed more workers to help finance social security. "We've got to, frankly, stop spending so much on
welfare benefits and start having a lot more workers who are paying into the system," he was quoted as saying by AARP.
Source: Newsweek magazine on 2024 Veepstakes
, Jul 15, 2024
Page last updated: Oct 30, 2024; copyright 1999-2022 Jesse Gordon and OnTheIssues.org