President Obama Proposes Expanded Social Security Benefits

President Barack Obama is refusing to let the final months of his time in office go to waste. He is continuing to make change and better his country through new policies. On Wednesday, June 1, in Elkhart, Indiana, he announced his hope to increase the benefits that come with Social Security.

“It’s time we finally made Social Security more generous and increased its benefits so that today’s retirees and future generations get the dignified retirement that they’ve earned,” President Obama proclaimed. “… And we can start paying for it by asking the wealthiest Americans to contribute a little bit more… They can afford it. I can afford it.”

This is a change in tune for the current President of the United States. Earlier in his presidency, he believed in cutting Social Security benefits. This was in line with a piece of his proposed legislation, called the “Grand Bargain”. This bill would have cut spending in order to increase revenue.

His change of heart is reflected in the beliefs and promises of the current Democratic presidential hopefuls. Vermont Senator Bernie Sanders has time and time again asserted his goal to expand Social Security benefits for everyone. Former Secretary of State Hillary Clinton believes in more focused increases, with improved aid being awarded to specific demographics. Sanders, in response to President Obama’s words regarding Social Security, “applaud[ed] President Obama for making it clear that it is time to expand Social Security benefits.”

Based upon Obama’s speech in Indiana, it is difficult to ascertain whether he believes in cuts as well. He was not specific in his plans; he simply proclaimed his general beliefs.

Today, the first $118,500 of income must be taxed for Social Security. This cap is annually adjusted for inflation and the growth of the average wage. Obama’s words indicate his support a higher cap – therefore, more money will come from the wealthy for general benefits.

It is heartwarming to see that President Obama is not squandering his final days as the President of the United States. He is still dedicated to doing the best he can for our nation, and continues to propose bills that would result in a better country for all. His latest proposal is an increase in Social Security benefits.

Featured Image via Flickr/Jerry Richardson