Price inflation in general in the United States is of great concern to both Social Security pensioners and all types of workers. In this respect, the President of the United States himself, Joe Biden, has a lot to say. There is a certain part of American politics that accuses the measures taken by the Biden administration of being to blame for inflation itself. Thus, Republicans claim that the increase in prices is due to the new administration handing out stimulus checks to combat this inflation.
This claim makes many people who collect Social Security think that receiving one of these stimulus checks is a bad thing. Although it is true that the government’s intention is none other than to achieve economic stability for many families. The Republican camp is not of the same opinion and makes all the benefits granted by Biden seem like a really bad thing. For that reason, Biden has decided to take action and warn about something that is apparently going to happen.
According to Biden on his own Twitter account, “Republican leaders have made it clear they will crash the economy by putting the United States in default unless we yield to their demand to cut Social Security and Medicare. And that’s more than a promise. It’s a threat. Through this statement, the President of the United States assures that the Republicans want to destroy the current economy unless Medicare and Social Security spending is cut. This could be very bad news for retirement beneficiaries.
Cuts in Social Security
If this thing that Republicans want Biden to do with Social Security were to happen, there would be a lot of cuts. We do not know to what extent this budget cut could affect benefits, but we will certainly know the full extent soon. Even so, Biden assures that this is a threat and not a warning, so a tougher confrontation between both sides could begin.
Republican leaders have made it clear they will crash the economy by putting the United States in default unless we yield to their demand to cut Social Security and Medicare.
And that’s more than a promise. It’s a threat.
— President Biden (@POTUS) October 23, 2022
As can be seen in the tweet of the 46th president of the United States, what is currently most at risk is Medicare and Social Security. The Republicans want to make cuts in these two elements in order to allocate that budget to other elements of government. In any case, Biden has not confirmed whether or not he knows what they want to spend the money cut from Social Security on.
So far there are no cuts in this regard, but this threat to Social Security’s peace of mind is not good news. We will have to wait a bit to see if the threats are finally carried out, but everything seems to indicate that we will have hard times in a very short time.