““I don’t know if you’re watching, Warren. I don’t know if Warren Buffett has collected Social Security, but if he is, shame on you.” ”
Former New Jersey Gov. Chris Christie had a message for Warren Buffett and anybody else thought of ultra-wealthy: You’re improper to say Social Security advantages.
“The fact is on Social Security, it was established to make sure that no one would grow old in this country in poverty, and that is what we have to get back to,” Christie stated. “Rich people should not be collecting Social Security.”
“There are a lot of programs in this country that we do not get a direct benefit from,” Christie stated through the third Republican presidential debate on Wednesday.
See: Haley, Christie open to elevating Social Security retirement age
Christie used meals stamps for example, saying he could pay taxes that help meals stamps, however he’s by no means personally benefited from them. “Fortunately, I have never had to have my family on food stamps, but I’m glad it’s there so no one in this country goes to bed hungry at night if they have availability of that program,” he stated.
Social Security is going through an insolvency concern. If Congress doesn’t act, the belief funds that help this system’s retirement, incapacity and survivor advantages will run out of cash in 11 years, in response to the trustees report launched earlier this yr.
“We need to be realistic,” Christie stated. There are three elements that may decide solvency: retirement age, eligibility necessities and taxes. “We are already overtaxed in this country,” he added.
Christie, who was requested to increase on his earlier proposal to boost the retirement age (which is at the moment 67 for anybody born in 1960 and later), stated a rise could be for folks of their 30s and 40s, not present retirees. Nikki Haley, who has additionally made an identical proposal whereas campaigning, echoed Christie’s feedback, and urged altering the principles on cost-of-living changes and increasing Medicare Advantage plans.
Also see: Raising Social Security’s full retirement age from 67 to 70 could be the improper strategy to repair this system
When requested what the brand new retirement age ought to be, each Christie and Haley stated it must be a negotiation with Congress.
The White House rapidly responded to the candidates’ proposals for Social Security through the presidential debate. Donald Trust proposed cuts to Social Security and Medicare throughout his administration, Seth Schuster, the spokesperson for President Joe Biden and Vice President Kamala Harris, stated in an announcement Wednesday night time. “On the debate stage, several of the MAGA disciples explicitly talked about doing the exact same thing.”
If Trump, who was not current through the debate on Wednesday, have been to turn out to be president once more, older Americans’ advantages could be in peril, Schuster stated. “If Trump returns to office, the benefits millions of America’s seniors rely on — and spent their careers contributing to — will once again be on the chopping block.”
Source web site: www.marketwatch.com
