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President Joe Biden issued an ominous warning about the future of the Social Security program on Wednesday, warning that Republicans are still trying to cut back on the benefits that millions of Americans rely on.
Speaking at the Wisconsin Black Chamber of Commerce in Milwaukee on Wednesday night, the Democratic president said that Republicans, including Wisconsin lawmakers, are willing to slash the program.
"Your own Senator [Ron] Johnson called Social Security a quote, 'Ponzi scheme,'" Biden said during his speech. "Are you kidding me? You know, from the time you get your first paycheck, you pay into Social Security your whole life," he added.
"These are the same Republicans who enacted tax cuts that overwhelmingly benefit the wealthy to the tune of $2 trillion additional deficit," Biden continued, speaking of those Republican lawmakers who wish to cut Social Security benefits.
The future of Social Security and the program's financial sustainability has recently been at the center of a heated debate between Republicans and Democrats, as experts have warned that the system might run out of money to pay all its beneficiaries soon.
The number of beneficiaries has grown compared to when the program was first created, and the number of workers has decreased. More than 66 million Americans currently rely on Social Security benefits to support themselves, including some of the most vulnerable people in the country.
The program is expected to face a 23 percent across-the-board benefit cut in 2033, according to the Committee for a Responsible Federal Budget, unless the system is somehow reformed before then. If Social Security becomes insolvent in 10 years, as experts fear, many American workers might be forced to stay in the workforce longer than expected.
But fixing Social Security has become a highly political issue, with Biden under significant pressure to protect the system and even expand it. Republicans in Congress, on the other hand, have opposed moves that might further increase U.S. debt.
Cuts to Social Security benefits wanted by Republicans were avoided during the debt ceiling showdown earlier this year, delivering a major victory for Biden, who, during his third State of the Union in February, had promised to stop anyone who tried to cut Social Security.
The issue of fixing the program will likely be prominent during the 2024 presidential election campaign for both Biden and his Republican rival. At the moment, former President Donald Trump is the frontrunner in Republican primary polling. Trump has previously staunchly defended Social Security. "Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security," he said in a video message posted on social media in January 2023.
In a recent post on X, formerly Twitter, Republican Senator Bill Cassidy of Louisiana urged both Biden and Trump to do more to avoid the collapse of the program.
"If Social Security was doomed from the start, it's only gotten worse w/ candidates unwilling to be honest. Biden & Trump should be thoughtful in discussions about the future of Social Security. Instead, they seem willing to allow it to collapse," he wrote.
While Biden has also suggested he is against cutting benefits to solve the program's solvency problem, Trump said in a recent interview with Fox News that the federal government should tap into America's oil to finance Social Security as Saudi Arabia does.
Update, 12/22/23, 8:30 a.m. ET: This article was updated with additional background information.
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About the writer
Giulia Carbonaro is a Newsweek reporter based in London, U.K. Her focus is on the U.S. economy, housing market, property ... Read more