President Trump’s advisor Elon Musk went on TV the other day to say he’d cut up to $700 billion in fraud and waste from Social Security, Medicare, and Medicaid. He can’t. The inevitable result: He’ll have to either slash benefits for program recipients or fall far short of his goals for cutting government spending. Or, perhaps, both. The Trump White [...]
Despite President Trump’s repeated promises that ”we’re not touching Social Security, other than to make it more efficient,” it appears his Administration is planning deep cuts in the program’s administration. And that inevitably will mean trouble for those receiving or applying for benefits. By slashing staff and tinkering with its internal computer systems, the Trump Administration is likely to make [...]
Ask family caregivers what sort of government support they want and their answer is clear: They want upfront cash. Not bigger future Social Security benefits. Not respite care or tax credits, not paid family leave, or even reimbursement for out-of-pocket costs. They want cash. That, at least, were the preferences of participants in four focus groups described in a new [...]
Donald Trump’s return to the White House, coupled with Republican control of the Senate and possibly of the House could result in a far more limited government role in the care of older adults and younger people with disabilities. Most immediately, Trump’s proposed mass deportations will make the current shortage of care workers much worse, increasing the burden on family [...]
Democratic presidential nominee Kamala Harris is working hard to win the support of older voters, but what would she do to address their many concerns if she is elected president? In a campaign that has not yet shown many of its policy cards, Harris has offered only the roughest sketch of a governing agenda. But her time as vice president [...]
Politicians love to say they “won’t touch” Social Security, as if leaving the program alone will protect older adults. In reality, a new study by two of my Urban Institute colleagues finds that failing to fix the program’s looming financial shortfall would throw 3.8 million seniors into poverty by 2045. Median promised benefits would decline by $5,900 (in 2022 dollars). [...]
The Republican party platform, orchestrated by former President Trump, is filled with promises for those it calls “our Great Seniors.” But there is little or no real policy behind most of those campaign pledges. And the document is filled with many irreconcilable contradictions. The platform will be the GOP’s election-year policy framework coming out of its upcoming July 15-18 nominating [...]
President Biden’s 2025 budget proposal, which will double as his presidential campaign platform, includes major proposals aimed at supporting older adults. It would raise taxes to help fund Medicare, increase federal support for Medicaid home-based care,, create a federal family leave program for those caring for older adults as well as children, and toughen regulation and inspections of nursing homes. [...]
In response to the recent burst of inflation, the government increased Social Security benefits significantly in the past two years. But compared to average pre-retirement income, net benefits have been falling for decades. And the trend will continue. One big reason: Rapidly rising Medicare premiums that usually are deducted directly from Social Security checks. Think about Social Security benefits in [...]
There is a seemingly endless debate about whether Americans have sufficient savings for retirement (see here and here). The answer is that many do. But tens of millions do not. Overall retirement assets have grown enormously in recent years-- to $36 trillion, despite a terrible stock market in 2022. But looking at total retirement plan savings, or even average 401(k) [...]