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Background on Social Security


Social Security issues in 2024 election

The "Third Rail"

Social Security and entitlements have long been called the "third rail" of American politics -- touch it and you die (that's an analogy from electrified train systems, which literally do have a third rail, which if touched, can cause electrocution). President Reagan considered privatizing entitlements, but by the time of his presidency in the 1980s, he too adhered to the "third rail" doctrine. President Bush in the 2000s claimed to address the "third rail", but really he concluded "you can tinker as long as you don't cut." Every president since then has similarly adhered.

"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might partially opt out of Social Security -- that policy felt like an anachronism ni 2023, a retread of a decades-outdated idea.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 That policy too, is a retread of a decades-outdated idea, last attempted by President Clinton in the 1990s.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.

Who does the money go to?

Hence, the entitlement policy debate focuses on who is entitled to receive benefits, and how much to increase benefits:

Presidential contenders' views:

Where's the money come from?

The other half of the Trust Fund equation is the open policy debate about who contributes to the Trust Fund, and how much:

Presidential contenders' views:

Social Security issues in 2020 election

Social Security Tax Deferral

Social Security Investment

Social Security Entitlement

Medicare Part A/B/C/D

Social Security issues in 2016 election

Payroll Cap

Social Security retirement age

Social Security Trust Fund

Social Security Investment

Due to the enormous amount of money involved, where and how the Trust Fund is invested will dramatically impact the economy.
 $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)

‘Lockbox’

IRAs and other Retirement Accounts

Medicare and Medicaid

Social Security Buzzwords

Other candidates on Social Security: Background on other issues:
2024 Presidential Nominees:
Pres.Joe Biden (Democratic incumbent)
V.P.Kamala Harris (Democratic nominee)
Chase Oliver (Libertarian Party)
Robert F. Kennedy, Jr. (Independent)
Dr.Jill Stein (Green Party)
Pres.Donald Trump (Republican nominee)
Sen.JD Vance (Republican V.P. nominee)
Gov.Tim Walz (Democratic V.P. nominee)
Dr.Cornel West (People's Party)

2024 Presidential primary contenders:
Gov.Doug Burgum (R-ND)
Gov.Chris Christie (R-NJ)
Gov.Ron DeSantis (R-FL)
Larry Elder (R-CA)
Rep.Will Hurd (R-FL)
Gov.Nikki Haley (R-SC)
Gov.Asa Hutchinson (R-AR)
Perry Johnson (R-IL)
Mayor Steve Laffey (R-RI)
V.P.Mike Pence (R-IN)
Rep.Dean Phillips (D-MN)
Vivek Ramaswamy (R-)
Sen.Tim Scott (R-SC)
Secy.Corey Stapleton (R-MT)
Mayor Francis Suarez (R-FL)
Marianne Williamson (D-CA)

2024 Presidential primary also-ran's or never-ran's:
Ryan Binkley (R-TX)
Howie Hawkins (Green Party)
Joe Maldonado (Libertarian Party)
Sen.Bernie Sanders (D-VT)
Kanye West (Birthday Party)
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