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Background on Social Security |
"Tinkering" means that presidents and Congress can change the rate of increase of benefits, but not cut benefits. And it means they can change the details of who pays into the system, but people can't opt out of the system entirely. Former V.P. Mike Pence suggested during the Republican primaries that some people might partially opt out of Social Security -- that policy felt like an anachronism ni 2023, a retread of a decades-outdated idea.
DOGE Secretary-designee Vivek Ramaswamy further suggested during the Republican primaries that the Trust Fund could be invested in the stock market. In theory, that would affect neither who paid in nor who received benefits, but would increase the total value of the Trust Fund to ensure its availability for future generations. That policy too, is a retread of a decades-outdated idea, last attempted by President Clinton in the 1990s. Yes, investing in the stock market would likely gain value, but it would benefit the selected corporations over others, and is risky -- hence even pro-corporate elected officials, including Vice-President-elect JD Vance, oppose a "stock market privatization" policy.
Presidential contenders' views:
Presidential contenders' views:
$1.0 trillion Total amount currently in the Trust Fund (2012) $3.0 trillion Estimated amount needed by peak year (2015) $0.5 trillion Expected new budget deficit (2013) $3.8 trillion Total amount of most recent federal budget (2013) $14.2 trillion Total amount of the federal National Debt (2011) $13.4 trillion Total market capitalization of the NYSE (2011) $0.6 trillion Total amount previously in the Trust Fund (1999) $3.0 trillion Estimated amount needed by peak year (2015) $2.9 trillion Expected total budget surplus for years 2000-2009 $1.8 trillion Total amount of most recent federal budget (2000) $5.6 trillion Total amount of the federal National Debt (1998) $11.6 trillion Total market capitalization of the NYSE (1999)
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