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Joe Biden on Social Security

Former Vice President; previously Democratic Senator (DE)

 


6.2% FICA tax on all earnings over $400,000

Q: How exactly will you protect Social Security?

BIDEN: There's two pieces to the protection. #1, I'm going to make sure that we are able to have Social Security for the students here when their time comes. #2, I'm going to make sure that those folks who lost a spouse, or Social Security payment was reduced, or they're outliving way beyond their coverage, that they can have it raised.

Q: How are you going to do that?

BIDEN: Right now, we pay about 6.2 percent out of our salary, up to roughly $130,000. I have been proposing for some time that we do the same thing for everybody making over $400,000. So, for example, you, in fact, make 60 grand, you get 6.2% taken out of your salary. If you make $130,000, you get 6.2%. If you're making a million, you pay the exact same amount as someone making $130,000. By moving to keep the tax at 6.2% for people making every dollar over $400,000, we can pay for everything I'm talking about. And we can make it solvent, for all of these kids here.

Source: CNN N. H. Town Hall on eve of 2020 N. H. primary , Feb 5, 2020

Freeze entitlements; don't favor special interests

Biden toured the country in 1985 chiding groups like unions and farmers for being too narrowly focused and complained that Democrats too often "think in terms of special interests first and the greater interest second." In the latter case, Biden was specifically complaining about their opposition to his calls for a spending freeze on entitlements and an increase in the retirement age.
Source: Jacobin Magazine on 2020 presidential hopefuls , Aug 7, 2018

Where would elderly be now if funds were in stock market?

RYAN: Social Security is going bankrupt. If we don't shore up Social Security, when we run out of the IOUs, a 25% across-the-board benefit cut kicks in on current seniors in the middle of their retirement. We're going to stop that from happening.

BIDEN: We will not privatize it. If we had listened to Romney and the congressman during the Bush years, imagine where all those seniors would be now if their money had been in the market. Their ideas are old, and their ideas are bad.

Source: 2012 Vice Presidential debate , Oct 11, 2012

Raise the $97,500 cap, but donít raise retirement age

Q: Would you raise the cap for Social Security tax above the current level of the first $97,500 worth of income?

A: The answer is yes. The truth is, youíre either going to cut benefits or youíre going to go ahead and raise taxes above the first $97,000

Q: Would you also, considering now life expectancy is 78, consider gradually raising the retirement age?

A: Well, we did that once, I supported that. Thatís what got it solvent to 2041. By simply raising the cap, you can solve the problem.

Source: 2007 Democratic primary debate at Dartmouth College , Sep 6, 2007

Prevent senior fraud by educating seniors about caution

Too often, senior citizens are targeted for everything from telemarketing fraud & home-repair scams, to investment & securities fraud. Predators take advantage of seniors because they are more wealthy than the average citizen, more trusting than younger adults, and more susceptible to being coerced. They are less mobile, and more susceptible to scams that promise to deliver goods or services seniors find difficult to obtain on their own.

The best way to fight senior fraud is to prevent it from happening. Seniors should be cautious when making an investment. If it sounds too good to be true, it probably is. They should be careful not to give their credit card or checking account number to someone they donít know. They should never give their social security number to anyone.

Letís not let heartless criminals victimize a generation of Americans who have already given so much to preserve and protect this nation. Rather, letís put our justice system to work to keep every senior safe & secure.

Source: Press release, ďFraud Protection Important for SeniorsĒ , Nov 6, 2002

Voted NO on Social Security Lockbox & limiting national debt.

This vote limited debate on the amendment offered by Sen. Abraham (R-MI) that would have created a Social Security "lockbox" and establish limits on the public debt. [A YES vote was for a lockbox]. This vote failed because 3/5 of the Senate did not vote.
Status: Cloture Motion Rejected Y)54; N)45; NV)1
Reference: Motion to invoke cloture on Amdt #254 to S. 557; Bill S. 557 ; vote number 1999-90 on Apr 22, 1999

Voted YES on allowing Roth IRAs for retirees.

Senator Roth (R-DE) offered this amendment to the IRS Restructuring and Reform Act to allow people older than 70.5 with incomes over $100,000 to move funds from an Individual Retirement Account into a Roth IRA.
Status: Amdt Agreed to Y)56; N)42; NV)2
Reference: Roth Amdt #2339; Bill H.R. 2676 ; vote number 1998-120 on May 6, 1998

Voted NO on allowing personal retirement accounts.

Vote on an amendment expressing the sense of the Senate that the Finance Committee should consider legislation to use the federal budget surplus to establish personal retirement accounts as a supplement to Social Security.
Reference: Bill S.Con.Res.86 ; vote number 1998-56 on Apr 1, 1998

Voted YES on deducting Social Security payments on income taxes.

Vote on an amendment to establish an income tax deduction for Social Security taxes paid by employees and the self-employed.
Reference: Bill S Con Res 57 ; vote number 1996-140 on May 22, 1996

Rated 89% by the ARA, indicating a pro-senior voting record.

Biden scores 89% by the ARA on senior issues

The mission of the Alliance for Retired Americans is to ensure social and economic justice and full civil rights for all citizens so that they may enjoy lives of dignity, personal and family fulfillment and security. The Alliance believes that all older and retired persons have a responsibility to strive to create a society that incorporates these goals and rights and that retirement provides them with opportunities to pursue new and expanded activities with their unions, civic organizations and their communities.

The following ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.

Source: ARA website 03n-ARA on Dec 31, 2003

Other candidates on Social Security: Joe Biden on other issues:
2020 Presidential Democratic Primary Candidates:
V.P.Joe Biden (D-DE)
Mayor Mike Bloomberg (I-NYC)
Gov.Steve Bullock (D-MT)
Mayor Pete Buttigieg (D-IN)
Rep.Tulsi Gabbard (D-HI)
Sen.Amy Klobuchar (D-MN)
Gov.Deval Patrick (D-MA)
Sen.Bernie Sanders (I-VT)
Sen.Elizabeth Warren (D-MA)

2020 GOP and Independent Candidates:
Rep.Justin Amash (Libertarian-MI)
CEO Don Blankenship (C-WV)
Gov.Lincoln Chafee (L-RI)
Howie Hawkins (Green-NY)
Gov.Larry Hogan (R-MD)
Gov.John Kasich (R-OH)
V.P.Mike Pence (R-IN)
Gov.Mark Sanford (R-SC)
CEO Howard Schultz (I-WA)
Pres.Donald Trump (R-NY)
Gov.Jesse Ventura (I-MN)
V.C.Arvin Vohra (Libertarian-MD)
Rep.Joe Walsh (R-IL)
Gov.Bill Weld (L-NY,R-MA)
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Infrastructure/Technology
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Principles/Values
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Tax Reform
War/Iraq/Mideast
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External Links about Joe Biden:
Wikipedia
Ballotpedia

2020 Withdrawn Democratic Candidates:
State Rep.Stacey Abrams (D-GA)
Sen.Michael Bennet (D-CO)
Sen.Cory Booker (D-NJ)
Secy.Julian Castro (D-TX)
Mayor Bill de Blasio (D-NYC)
Rep.John Delaney (D-MD)
Sen.Kirsten Gillibrand (D-NY)
Sen.Mike Gravel (D-AK)
Sen.Kamala Harris (D-CA)
Gov.John Hickenlooper (D-CO)
Gov.Jay Inslee (D-WA)
Mayor Wayne Messam (D-FL)
Rep.Seth Moulton (D-MA)
Rep.Beto O`Rourke (D-TX)
Rep.Tim Ryan (D-CA)
Adm.Joe Sestak (D-PA)
CEO Tom Steyer (D-CA)
Rep.Eric Swalwell (D-CA)
Marianne Williamson (D-CA)
CEO Andrew Yang (D-NY)
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Page last updated: Mar 11, 2020