Hillary Clinton’s Position on Social Security and How Her Plan Would Affect Millennials

Hillary Clinton’s campaign is off and running toward the 2016 Presidential Election.  She is still facing competition from Social Security advocate Bernie Sanders toward her seemingly predestined coronation by the Democrat party.  But where does the former First Lady stand on the topic of Social Security.  More importantly for young Americans, how will her position affect Millennials?

Clinton has previously voiced her strong support of the program:

“I won’t cut Social Security. … I’ll defend it, and I’ll expand it.”

“When I was in the Senate, George Bush came up with a privatization plan. Some of you might remember that. It would have been a disaster. And we defeated it. As your president, I will defend it. I will not let anybody think that they can privatize it. But we’re going to have to make sure that we shore it up so that it is there not just for those who are currently recipients but for generations to come.”

-Hillary Clinton

Defending Social Security is one thing,  “expanding” the federal program means further financial strain on Generation X and Millennials.  Clinton attempts to soften the blow by explaining where the expansion money will come from…

“Hillary understands that there is no way to accomplish that goal without asking the highest-income Americans to pay more, including options to tax some of their income above the current Social Security cap, and taxing some of their income not currently taken into account by the Social Security system.” – https://www.hillaryclinton.com/issues/social-security-and-medicare/

While this may seem more palatable to Millennials and average wage earners, let’s not forget that this plan is telling people who have involuntarily contributed to the Social Security program all of their lives that they will be forced through taxes to pay well beyond what they will ever receive into the program.  For a generation that seems fixated on the ephemeral concept of ‘fairness,’ Clinton proposes quite the opposite.   While this method of expansion may be more attractive to the median wage-earner in America who takes in approximately half of the $118,500 Social Security cap, this proposed tax provides a disincentive for Americans to become high wage earners.

As recently as this weekend, Hillary has altered her position on expanding Social Security.

Hillary Clinton balked when asked during Tuesday’s Democratic presidential debate whether she agreed with Sen. Bernie Sanders (I-Vt.) that Social Security benefits should be expanded.

“I fully support Social Security and the most important fight we’re going to have is defending it against continuing Republican efforts to privatize it,” Clinton said, after hesitating.

Asked again whether she would expand Social Security benefits, Clinton conceded that she would expand benefits for some of the program’s poorest beneficiaries, specifically citing widows and single women.

“I want to enhance the benefits for the poorest recipients of Social Security,” Clinton said. “We have a lot of women on Social Security, particularly widowed and single women, who didn’t make a lot of money during their careers and they are impoverished and they need more help from the Social Security system.”

Although Clinton did not elaborate in any detail her plans to assist women on Social Security, she has eased up on her proposition to lift the cap on high-income earners.  Backing off of her stance on Social Security has allowed Democratic opponent Bernie Sanders to push through a bill based on her previous position on the topic.

-R.J. Renza, Jr.  

While you’re here, take a moment and sign the National Petition to Opt-Out of Social Security. The more signatures we gather, the more pressure we place on Congress and our political leaders.

August marked the release of my first e-book “How Are You Not Angry Yet: How Social Security is Destroying the Futures, Finances and Hopes of Generations X,Y and Z and How We Can Put and End to it.”  “Angry Yet” breaks down the complex topic of Social Security into a way that most Americans can easily understand and find entertaining and is available on Amazon right here.

I have recently was interviewed on The New Class Rising podcast with Hector Avellaneda.

I also appeared on The Debt Dialogues, the weekly podcast of “RooseveltCare” author Don Watkins:

Check out my video of how I celebrated Social Security’s 80th Birthday and What Social Security Does To Kids.

-R.J. Renza, Jr.

 

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