To the Editor:

Re: Ruby Parker’s letter of September 24, 2020, which was exactly on target. Unfortunately, neither the print media nor television has been able to get hard answers to exactly where Donald Trump stands on social security or medicare for more than one news cycle. He moves around. Both subjects are critical interest in a state which has the nation’s oldest population.

Kiplinger’s Personal Finance magazine recently published (September 2020) a number of articles on “The Election and Your Money.” The Kiplinger publications are nonpartisan and very objective, the trademark of their reporting for decades. On page 42 are the comparisons.

On the Biden side of social security: he “proposes shoring up the program by increasing payroll taxes on high income taxpayers and a 12.4% tax on wages over $400,000. Biden wants to expand benefits, increase survivor benefits for low income beneficiaries and gradually increase benefits for seniors starting at age 78. Seniors over 82 would receive a 5% increase over the basis retirement payout.” He also proposes change in the way the cost-of-living index is calculated to place greater weight on items such as housing and healthcare which greatly affect seniors’ budgets.

Regarding Trump: “(He) hasn’t issued specific proposals to shore up social security and critics say his proposed tax cuts to bolster the economy would further hurt the program, as the budget deficit has grown to $1.8 trillion, he has indicated that changes to social security and medicare could be on the table during  a second term.

On medicare: Biden supports lowering eligibility from 65 to 60, negotiating drug prices with drug manufacturers, limiting price increases on drugs to the rate of inflation and allow U.S. citizens to purchase foreign drugs as long as they are deemed safe.

Trump on medicare: “(He) has supported proposed legislation that would limit prescription drug benefits to the rate of inflation and limit seniors out-of-pocket cost to $3,100. He also would allow drug purchases outside the country. Trump’s 2021 budget proposes about $500 billion in net spending cuts. Most of those would come from reducing payments to healthcare providers (doctors, nurses, etc.)

Bob Moorehead

Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.

filed under: