Midterm elections will come and go on November 8, and by the end of the night, Americans will likely know which party will take control of the House and the Senate.
As Election Day draws near, Democrats cite a potential threat to two government programs heavily relied upon by retirees: Social Security and Medicare. Last week, President Joe Biden warned voters that both programs could be at risk if Republicans gained control of the Senate and House of Representatives. “They’re coming after your Social Security and Medicare in a big way,” Biden said during a speech in Hallandale Beach, Fla., on November 1.
Republican Senators Rick Scott of Florida and Ron Johnson of Wisconsin have both called for reauthorizing Social Security and Medicare: Scott considers reevaluating the programs every five years while Johnson proposes revisiting the programs annually, worrying Democrats on possible susceptibility to budget cuts. Both Social Security and Medicare do not currently have a review or reassessment period. Scott and Johnson have since denied any efforts to reduce or cut the programs.
Senate Minority Leader Mitch McConnell (R-KY), who would reassume the title of Senate Majority Leader if Republicans win control of the Senate during the midterms, has indicated he does not support Scott’s “11-Point Plan to Rescue America.”
Other Republican leaders have stated potential interest in raising the age to collect Social Security benefits and apply for Medicare. The Republican Study Committee (RSC), a large group consisting of House Republicans and a heavy influence on Republican Congress members, released a budget plan in June that called on lawmakers to increase the age to collect Social Security from age 67 to 70 years old. The group also pressed lawmakers to gradually raise the Medicare age to 67 years old. Republicans said the changes would curb federal spending on programs that will likely be heavily utilized in the next decade.
In his speech, Biden also noted how a Republican-controlled Congress could potentially attempt to halt Medicare reforms—such as lowered prescription drug costs for retirees—originally introduced by the Inflation Reduction Act. Under the law, Medicare can negotiate prices for certain expensive drugs, limit costs for insulin at $35 per month under Medicare Part D, cap out-of-pocket prescription costs under Part D to 2,000 per month, and more. The Congressional Budget Office (CBO) estimates the provisions to reduce the current federal deficit by $237 billion over 10 years.
However, Republican opposition on the Inflation Reduction Act and its provisions could alter the legislation, or even cut it altogether. The GOP has already expressed concern over the bill, stating that its 1% excise tax on corporate stock could hurt retirement savers, among other issues.
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