The differences between Democratic presidential candidates and most Republican candidates on Social Security — and retirement security in general — could emerge as a “sleeper issue” in the 2016 campaign.
Friday’s post, Martin O’Malley Offers Strong Plan To Expand Retirement Security, looked at the retirement crisis facing aging Americans and Democratic presidential candidates Martin O’Malley and Bernie Sanders’ plans to boost retirement security. (Hillary Clinton has not released plan beyond saying she would be open to raising the income cap on Social Security taxes to help shore up the program’s finance.)
These candidates want to expand retirement security because Democrats generally have a “we are all in this together” and “it takes a village” approach to taking care of each other, which includes the elderly. Republicans have a very different “each of us on our own” approach to society. This applies to retirement security with Republicans largely believing that retirement income and even to a large extent healthcare should be more, or even entirely, up to the individual.
Most current Republican presidential candidates, with the notable exception of Donald Trump and Mike Huckabee, follow this “on your own” philosophy, offering plans to raise the retirement age, raise the early retirement age, means-test benefits, cut benefits, partially privatize it with some of the money going into Wall Street-managed personal accounts or just privatize the program entirely with all of it going into Wall Street-managed personal accounts. (Note that God/Mother Turtle likes to weigh in with coincident stock-market drops when Republicans start discussing putting Social Security into stock. The stock market dropped 1000 points last week, and has fallen more than 10% recently.)