Bloomberg.com: on Social Security


Xi Jinping: Improve public services and pensions for older citizens

China's billionaires won't determine the success of Xi's drive to narrow a worrying wealth gap. The country's hundreds of millions of retirees, most of them dependent on penurious pensions, just might. China needs to improve public services that will increasingly be required by the elderly in underserved rural areas, including day centers. Xi's common prosperity push has included visits to just such centers, with comments on the party's responsibility to ensure happy lives for older citizens.
Source: Clara Marques, "Decade in Power" in Bloomberg News Nov 10, 2021

Kamala Harris: Trump deficits will endanger Social Security

Harris said that a second term for Trump would endanger Social Security due to rising deficits. "To have four more years of this administration means to really put Social Security in jeopardy," she said. Harris said the widening deficit, which the White House projected this week will reach $1 trillion this year, was the result of Trump's tax bill, which "benefits the top 1% and the biggest corporations." Funds to make up the shortfall are "going to have to come from somewhere," she added.
Source: Bloomberg News magazine on 2020 candidates Jul 16, 2019

Mike Bloomberg: Don't kick the can down the road with retirement funding

The cost of the tax bill [passed by Congressional Republicans and signed by President Trump in December 2017] --$1 trillion to $1.5 trillion--makes it more difficult for taxpayers to afford Medicare and Social Security for the baby boom generation, which is now hitting retirement. Republicans didn't grapple with those costs. Instead, they kicked the can down the road. Ignoring the bill's price tag, or pretending we needn't worry about deficits, is like ignoring climate change or pretending we needn't worry about its effects. I'll say one thing for Republicans in Congress: They're consistent.

The tax bill is an economically indefensible blunder that will harm our future. The Republicans in Congress who must surely know it--and who have bucked party leaders before--should vote no.

Source: OpEd by Michael Bloomberg in Bloomberg News Dec 15, 2017

Mitt Romney: Favors private accounts; prepared to be entirely bold

Romney said he “was prepared to be entirely bold,” in taking on the politically perilous issue of entitlement spending, “but I’m not prepared to cut benefits for low-income Americans.” He said he favored private accounts and would consider tying Social Security benefits to prices rather than wages for higher income Americans. Romney said “effective leadership that brings people from both sides of the aisle together” could solve the problem of escalating costs for Medicare and Medicaid.
Source: Bloomberg News report on 2007 GOP primary debate in Orlando Oct 21, 2007

Rudy Giuliani: Supports adding private accounts for Social Security

Giuliani backed adding private accounts for Social Security, a proposal that failed to win support when offered by President George W. Bush in 2005, and cutting the cost of health insurance so that more people can buy their own coverage. “If you start to establish a private market, you’re going to be able to figure out how to solve these things within costs that are sustainable,” he said.
Source: Bloomberg News report on 2007 GOP primary debate in Orlando Oct 21, 2007

  • The above quotations are from Bloomberg.com and Bloomberg News political coverage.
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2020 Presidential contenders on Social Security:
  Democrats running for President:
Sen.Michael Bennet (D-CO)
V.P.Joe Biden (D-DE)
Mayor Mike Bloomberg (I-NYC)
Gov.Steve Bullock (D-MT)
Mayor Pete Buttigieg (D-IN)
Sen.Cory Booker (D-NJ)
Secy.Julian Castro (D-TX)
Gov.Lincoln Chafee (L-RI)
Rep.John Delaney (D-MD)
Rep.Tulsi Gabbard (D-HI)
Sen.Amy Klobuchar (D-MN)
Gov.Deval Patrick (D-MA)
Sen.Bernie Sanders (I-VT)
CEO Tom Steyer (D-CA)
Sen.Elizabeth Warren (D-MA)
Marianne Williamson (D-CA)
CEO Andrew Yang (D-NY)

2020 Third Party Candidates:
Rep.Justin Amash (L-MI)
CEO Don Blankenship (C-WV)
Gov.Lincoln Chafee (L-RI)
Howie Hawkins (G-NY)
Gov.Gary Johnson(L-NM)
Howard Schultz(I-WA)
Gov.Jesse Ventura (I-MN) 		Republicans running for President:
Sen.Ted Cruz(R-TX)
Gov.Larry Hogan (R-MD)
Gov.John Kasich(R-OH)
V.P.Mike Pence(R-IN)
Gov.Mark Sanford (R-SC)
Pres.Donald Trump(R-NY)
Rep.Joe Walsh (R-IL)
Gov.Bill Weld(R-MA & L-NY)

2020 Withdrawn Democratic Candidates:
Sen.Stacey Abrams (D-GA)
Mayor Bill de Blasio (D-NYC)
Sen.Kirsten Gillibrand (D-NY)
Sen.Mike Gravel (D-AK)
Sen.Kamala Harris (D-CA)
Gov.John Hickenlooper (D-CO)
Gov.Jay Inslee (D-WA)
Mayor Wayne Messam (D-FL)
Rep.Seth Moulton (D-MA)
Rep.Beto O`Rourke (D-TX)
Rep.Tim Ryan (D-CA)
Adm.Joe Sestak (D-PA)
Rep.Eric Swalwell (D-CA)
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Page last updated: Dec 15, 2021