In the United States, programs such as the Social Security System and Medicare are critical to the health, well-being, and income of seniors, low-income people, or those with disabilities. It was created in 1935 under the administration of Franklin D. Roosevelt and is financed through payroll taxes to cover a wide range of economic needs, ensuring a stable source of income for millions of Americans.
However, it has been on a tightrope and in real danger in recent years, after the trustees of Social Security warned that, by 2035, the system’s funds would be depleted. This could lead to the reduction of payments made to beneficiaries, if Congress does not take the necessary actions to strengthen the funds.
Depending on the Upcoming Elections, Social Security and Medicare Could Be Trimmed Down
Every four years, the United States decides which project it wants and who should be in the White House. We have already seen what the positions of the different Democratic and Republican presidents are in terms of their visions on Social Security.
Next year, America will have its new president, whether Joe Biden repeats one more term, or Donald Trump achieves his task of returning to govern the most powerful nation in the Free World.
If the New York real estate tycoon wins, there would be cuts to Social Security and the Medicare health program.
In a recent interview, the Republican candidate was asked what he plans to do with Social Security, and he said this: “There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and the bad management of entitlements.”
Without being too precise, he added: “There are tremendous amounts of things and numbers of things you can do.”And although the spokeswoman of the Trump campaign, Karoline Leavitt, promised that if the former president returns to government she will protect Social Security and also Medicare, the truth is that the files say something else about what he wanted to do in the past.
Trump Could Cut Budgets for Social Security and Medicare
When Trump was president, he presented budget proposals from his administration that included significant cuts in the funds of the Social Security system, with special effects on disability benefits and those who need Medicare services, mostly with cuts to the payment to providers.
In 2020, he had also told CNBC that he was considering cutting federal entitlements to reduce the fiscal deficit.
Who would be affected by Social Security cuts
Among the benefits offered by Social Security are retirement payments, which allow workers to receive monthly income once they reach retirement age, which varies between 62 and 70 years depending on personal choice and when they want to start receiving benefits.
In addition, the program provides disability benefits to those who are unable to work due to serious medical conditions, as well as benefits for the dependents of disabled and deceased workers. This includes spouses, minor children and, in some cases, dependent parents.
Together, Social Security acts as an essential economic foundation that helps alleviate poverty and provide financial stability at various stages of life.
Medicare Cuts to Impact Millions
If there were cuts to Medicare, seniors and people with disabilities who depend on this program for health care would be severely affected. Any reduction in Medicare funding could limit access to essential medical services, treatments, and prescription drugs for these vulnerable populations.
In addition, the cuts could impact health care providers, including hospitals, doctors and other health professionals who receive payments from Medicare for services provided to beneficiaries. This could result in a decrease in the availability of medical services, longer waiting times for care, and a possible reduction in the quality of care.
Rural areas, where medical resources are already limited, would also have a strong impact, exacerbating disparities in access to medical care.
