Page 14 - IAV Digital Magazine #582

iAV - Antelope Valley Digital Magazine
The Troubling Disconnect: $4.5 Trillion in Taxes Proposed, Yet Social Security Remains Neglected
By Ashlie Blakey
The Joe Biden administration has set forth an ambitious fiscal agenda, propos- ing a staggering $4.5 trillion in new taxes.
However, the striking omission from this colossal proposal is any provision to shore up Social Security, a funda- mental pillar of financial stability for millions of Americans as reported by CBS News on November 5.
This revelation raises significant concerns about the future of this critical program and the welfare of its beneficiar- ies.
In a recent con- gressional exchange, it was highlighted that despite the immense tax pro- posals put for- ward, not a single dime is allocated to bolster Social Security.
This oversight, as revealed during the exchange,
has dire conse- quences.
It has been esti- mated that every individual reliant on Social Security stands to suffer a 24% decrease in their benefits within nine years if cor- rective measures are not taken.
The question that naturally arises is whether President Biden is aware of the impending crisis.
Under current law, when Social Security exhausts
its funds in nine years, a 24% cut in benefits for current recipients is an unavoidable reality.
The President has publicly stat- ed his commit- ment to preserv- ing Social Security, but the glaring omission of funding in his tax proposals paints a conflict- ing picture.
While assurances are given that President Biden cares deeply about Social Security and stands ready to work with Congress, the absence of tangi- ble plans to address the imminent funding shortfall is con- cerning.
A bipartisan group of senators has repeatedly requested meet- ings with the President to dis- cuss the future of Social Security, particularly to prevent current beneficiaries from falling into pover- ty due to the impending benefit cuts.
Furthermore, there is a grow- ing demand to shed light on how Social Security funding is allocat- ed, especially concerning expenditures related to illegal immigrants.
A detailed break- down of the financial impact of providing ben- efits to those who are not U.S. citi- zens is neces- sary for trans- parency and informed policy decisions.
The fundamental issue at the heart of this matter is the apparent lack of action in addressing Social Security’s impending crisis. While political discourse is often dominated by special interests, it is vital to remember that Social Security impacts the lives of countless Americans, par- ticularly the most vulnerable mem- bers of society. The omission of Social Security from the $4.5 tril- lion tax proposals is a stark reminder of the
disconnect between political rhetoric and con- crete action.
The future of Social Security should be a top priority for law- makers and the administration, and the benefici- aries of this pro- gram deserve a clear plan to ensure its long- term sustainabili- ty.
The revelation that $4.5 trillion in taxes has been proposed without a single dollar allocated for shoring up Social Security is a dis- heartening devel- opment.
It is high time
that Social Security’s future is addressed with the urgency it deserves, and concrete plans are put in place to secure the financial well- being of its bene- ficiaries.
It is a matter of not just fiscal responsibility but also of empathy and care for those who rely on this vital safety net.
iAV - Antelope Valley Digital Magazine