Obama Nobel Peace Prize

Of all the issues addressing the presidential nominees, Social Security has been largely ignored – which is frustrating since Social Security disability and SSI affects millions of people in our nation, and is the livelihood for the most vulnerable of Americans. Here we will discuss what each candidate, John McCain and Barack Obama, has said concerning Social Security and their plans for the future.

It is estimated that by 2040, Social Security will fail if current trends continue. The reason for this is the increase in numbers of disabled Americans needing assistance. In 1950, there were approximately 16.5 workers contributing to the system for every disability recipient. Today, there are just 3.3 workers for every disability recipient. That is a heavy burden for working Americans to be carrying. National rates suggest that within 40 years, the ratio will be 2:1. At that point, the Social Security program will simply be unable to support the numbers of disability recipients without some type of change.

One plan presented by Social Security is to increase payroll taxes. Barack Obama, according to his official website, supports this view, except that he wants the increase to affect higher class workers and employers who make over $250,000 per year. He plans an increase of about 2-4% for those affected.

It is admirable that Obama has put some thought into what he would do to help heal the Social Security crisis. Unfortunately, a payroll tax increase, especially for a limited number of the population, would probably not solve the entire problem. Something else is needed. The other options presented by Social Security are to cut the benefits of the future recipients, which is a temporary fix, or to draw funds from other general revenues. It seems as though Obama expects his plan for healing the current economy to solve all future problems, which is unreasonable.

McCain, on the other hand, has much more experience with veterans and those with disabilities. Which is why it is surprising that Social Security disability is not even addressed on his official website. However, he does have strong opinions about reforming Medicaid and Medicare, which directly affect disability and SSI recipients. His issues are current and, though important, do not solve the future Social Security crisis.

Perhaps the problem is that the crisis is expected to come full-force in 2041. Current lawmakers (including presidential nominees) are concerned with the current economy, global issues, and being elected or re-elected. The changes that need to happen now to solve future problems would cost us more money, and are therefore unpopular and unaddressed. We can only hope that when today’s younger adults reach retirement age and begin to be concerned, it will not be too late.

Becca has been involved in the Social Security world since 1995 and enjoys watching the program change peoples’ lives.