Social Security: Where Do the 2020 Candidates Stand?

All of the Democrats running for President currently have floated proposals that include a fix for the Social Security program's looming financial shortfall, notes the New York Times . The combined trust funds for Social Security's retirement and disability programs are on course to be depleted in 2035. Without changes, funding from payroll tax receipts will be sufficient to pay only 80 percent of the scheduled benefits. Sens. Bernie Sanders (Vt.) and Elizabeth Warren (Mass.) have been at the forefront of the expansion forces for much of the past decade. The former is the chief sponsor of current Senate expansion legislation, and the latter has published a detailed Social Security expansion plan as part of her campaign. A recent review of the candidates' positions on Social Security by the Center for Retirement Research at Boston College revealed no candidates — from either party — on record supporting Social Security benefit cuts. Among the Democrats, several back an across-the-board increase in benefits. And three favor shifting to a formula for the annual cost-of-living adjustment all beneficiaries receive that more accurately reflects the inflation experienced by seniors. Finally, all of the top-polling candidates support increasing Social Security's special minimum benefit, which aims to keep very low-income workers out of poverty in retirement. President Trump, meanwhile, campaigned in 2016 promising to oppose cuts to retirement benefits in a clear break with his party's orthodoxy. Although he reiterated that pledge in this week's State of the Union address, some Democrats were quick to argue that a recent statement of his signaled at least some openness to considering a reduction.