Treasury Secretary Janet Yellen has come out and admitted the truth about President Joe Biden saying that he “doesn’t have a plan” only “principles” when it comes to saving the Social Security program from going insolvent a decade from now. Gee, who could have guessed that Clueless Joe wouldn’t have any idea how to manage money and make cuts to save a government funded program. I bet if you asked him how to make a killing off selling political influence he could probably write step-by-step instructions.
According to Fox Business, Yellen made the comments last Thursday during a Senate Finance Committee hearing in Washington, D.C. concerning the president’s fiscal year 2025 budget. Projections released by the government in 2023 forecast the Social Security program would run out of funding in 2033. Biden’s idea to make up for the shortfall? What Democrats love to do more than anything else: tax the rich.
“I’ll note that there’s already been $4.9 trillion in new taxes proposed for those making over $400,000 a year. It seems to be the go-to place, fill in the blank, we’re going to tax those over $400,000 a year for whatever,” Sen. Bill Cassidy, a Louisiana Republican said to Yellen. “Of that $4.9 trillion, none of that has been dedicated to Social Security.”
Here are more details from the report:
Cassidy then asked Yellen what the tax rate would have to be on those earners to address “the unfunded accrued liability for Social Security,” because the “president theoretically has a plan.”
Yellen first said, “I don’t have that computation to offer you,” before saying, “The president doesn’t have a plan. He has principles.”
“He wants to work with Congress to find a way to protect Social Security and extend its solvency beyond 2034,” she added.
Yellen, when asked by Cassidy how President Biden could “justify not having a plan” for Social Security “when he’s been in office for three years already,” said the president “believes it’s important to work with Congress.”
Cassidy argued that he and other members on the Senate Finance Committee have not heard “one peep” from Biden on that matter.
“Secretary Yellen made clear in her testimony that President Biden has put forward an approach that would strengthen Social Security by protecting seniors from benefit cuts and extend solvency by asking the highest-income Americans to pay their fair share,” Treasury Principal Deputy Secretary for Public Affairs Michael Gwin said during an interview with FOX Business right after the hearing.
“Congressional Republicans should work with the president to protect and strengthen Social Security, but instead most House Republicans unveiled a plan this very week that would raise the eligibility age for seniors who have spent decades working towards their retirement,” he stated.
Fox Business then stated that unless significant changes are made before the year 2034 in order to shore up the program, more than 66 million Americans would see a significant cut in their benefits ranging from 23 percent to 25 percent.
You know, I think you’re probably far better off, if possible, saving up for your own retirement than relying on a government program. Just look at the DMV, which is a government-run institution at the state level. It’s horrifically run. Do we really want government to try and manage our retirement? I don’t think so.