How the Democratic and GOP Platforms Clash Over Social Security Reform

The Democratic plan would extend the Social Security trust fund’s solvency 50 years or more by lifting a cap on the payroll tax to force wealthier Americans to assume a much larger share of the program’s cost. It would also increase average monthly benefits to seniors and recast cost-of-living adjustments to make it more advantageous to seniors with substantial medical expenses.

Republican delegates were emphatic in saying all entitlement programs, including Social Security, will be on the table in looking for long-term solutions to budget and debt problems. Ryan and other GOP leaders have long advocated changes in Social Security, including partial privatization of the system.

Read more (The Fiscal Times) »

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