Americans are becoming increasingly concerned about the future of our nation’s social programs.
A recent Gallup Poll shows a spike in the number of Americans who are worried that Medicare and Social Security will be unavailable when they become eligible to receive it.
The poll compared the percentage of adults who were “extremely worried” they will not receive Medicare or Social Security in 2022 versus 2024.
Worry among all adults about Medicare grew by 6 percent in the last two years, while concern about Social Security increased by 5 percent.
Notably, those age 50 – 65 showed a 13 percent increase in fears over Medicare not being available, while those age 50 – 61 showed a 9 percent increase regarding Social Security. (Sixty-five and 62 are the ages that Americans are eligible to collect under Medicare and Social Security, respectively.)
With the U.S. national debt approaching $35 trillion, according to the official Debt Clock, there’s real concern among Americans that Medicare and Social Security funding will soon be cut to get the national debt crisis under control.
And while President Joe Biden recently released a statement in which he said that he “will keep strengthening Social Security and Medicare and protecting them from Republicans’ attempts to cut benefits Americans have earned,” his policies have contributed to the increase in worry found in the Gallup Poll.
The Biden administration’s inability to control inflation, coupled with rising interest rates and no attempt to curtail government spending, have put social programs in jeopardy.
These policies have also raised concerns among Americans concerning retirement. Since 2020, the “magic number” that Americans believe they need to retire has risen 53 percent — an indicator of how Americans have felt the economic strain of Biden’s policies, according to Northwestern Mutual.
Are you worried about the future of Medicare and Social Security?
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In fact, Northwestern Mutual reported that most Americans now believe they will need $1.46 million to retire, a number that will continue to grow, even as some consider it presently unattainable.
For Biden, the solution, as he has always argued, is to increase Social Security and Medicare funding, supported through tax increases on wealthy Americans, according to the Democrats’ House Committee on the Budget.
On the flip side, the Republican Study Committee outlined a different approach in its 2025 Budget proposal released in March.
In it, the committee advocates for incremental reforms that aim at reducing Social Security benefits in the future, while maintaining current benefits for those in or near retirement. The committee also seeks to introduce a “Premium Support Model” for Medicare, which would allow private Medicare Advantage plans to compete with the federal Medicare plan in hopes of inciting competition and driving down costs.
Where these approaches truly differ is in the path forward they provide for the country. Biden wants to expand and make Americans dependent on Social Security and Medicare, whereas Republicans are trying to slowly wean Americans away from government dependence.
Neither increasing taxes nor axing Medicare and Social Security are popular options amongst Americans. Instead, Republicans and Democrats can formulate an agenda that not only ensures that all Americans will be able to obtain Medicare and Social Security when the time comes, but also make it so that Americans have the choice — not the need — to collect these benefits.
By reducing spending in other areas and adopting a more pro-business agenda with fewer regulations, the government can both reduce its own level of spending and provide ample opportunities for the economy to reach its full potential.
Allowing Americans to invest in themselves will benefit our nation in two ways.
First, it will stimulate economic development and growth, benefitting both individuals and our nation as a whole.
Second, it will allow Americans to put their wealth in their own hands, so that they can create their own vision for their futures.
And while such a plan could give Americans a better chance at retiring on their own dime, it will also ensure that Medicare and Social Security are there if people need them. Yet, with a prosperous economic climate, fewer and fewer Americans will need to rely on government benefits.
By being committed to fixing the nation’s economy, and reducing the national debt, interest rates and inflation through spending reductions and a decrease in business regulations, the government can provide Americans with the means to be able to retire on their own dime without having to eliminate Medicare or Social Security.
With a focus on fiscal responsibility and economic development, the government can begin to ease Americans’ fears and provide everyone with an opportunity for a better future.
