Part minimum benefit to increase. Republicans want to
Part B: Social Security program benefits and $ spent by the government on it Social security is a United States federal program run by the United States Treasury. The program provides income towards individuals who are retired from the workforce and disabled. Benefits such as medicaid and monthly compensation is given. The program is financed through payroll tax. Each and every paycheck a person receives a small percentage is taken out towards social security. The small amount of money steadily increases throughout a person’s life, and they receive a monthly income of that money after retiring at the age of 65 so that they are no longer needed to work. Part C: Republicans vs Democrats The two major parties have different approaches and goals towards social security. Several candidates on each side have proposed beneficial alternatives to the program. Two candidates have created an idea to develop a caregiver credit, in order to provide individuals with social security who are caring for children. This would enable the social security minimum benefit to increase. Republicans want to establish the retirement age while democrats want to reduce benefits but increase revenue. Reestablishing the retirement age would allow a person to receive 100% of their retirement benefit. Increasing the age would require workers to work longer or receive a reduction in benefits by claiming early. Republicans want to privatize the program due to a third of americans receiving benefits are not retired, this would also the a shift of funds into a investment account for workers. In order to complete this workers would have put away two to four percent of their payroll into private accounts. The downside is if the program were to become private the national debt and GDP would dramatically leading to reduce benefits and increased interest rates. Making it more harder for a person to retire by time they are 65. Republicans believe american workers should have more control of their retirement investments. The Democratic party are against the Republicans ideas of cutting benefits and privatizing the program. Resolving the issues of the program is key for them because they believe it’s the most vital economic issue faced by Americans.Democrats are concerned on the protection of social security and want Americans to have a healthy and secured retirement. There goals are to expand saving incentives and reform pension. To accomplish these goals Democrats want to create retirement saving so that Americans can secure additional retirement income. The downside is that the lifespan of an American has increased throughout the years, resulting in them outliving the amount of income they had for social security.