President Joe Biden has recently endorsed Vice President Kamala Harris as the Democratic nominee for President of the United States in the upcoming 2024 election. This endorsement, however, raises questions on both sides of the political campaign, particularly regarding Social Security and America’s economic future.
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Many advocates for seniors see Harris as a beacon of hope for the coming election. Nancy J. Altman, president of Social Security Works, shared in an article on Common Dreams that "Harris will be as fierce a defender (of Social Security as Biden), and she will do more. She will expand Social Security and Medicare and ensure that all benefits will continue to be paid in full and on time for the foreseeable future by requiring billionaires to pay their fair share."
As a senator, Harris co-sponsored the Social Security Expansion Act. This act aimed to increase benefits for seniors by $2,400 and also proposed raising a tax on Americans earning over $250,000 to help fund Social Security. Harris's supporters argue that her policies are necessary to safeguard the financial security of retirees.
While Harris has been a strong advocate for the Biden Administration's policies, she has begun crafting her economic narrative and vision for the future of America. "In our vision of the future, we see a place where every person has the opportunity not just to get by but to get ahead – a future where no child has to grow up in poverty, where every senior can retire with dignity, and where every worker has the freedom to join a union," Harris told the American Federation of Teachers.
Of course, not everyone is excited about Harris's approach to economics. Critics argue that raising taxes on the wealthy could have negative consequences, like stifling economic growth and ultimately burdening future generations.
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Shark Tank's Kevin O'Leary recently stated that raising taxes on the wealthy is akin to punishing entrepreneurship. “Do you want to punish them for their success? Is that what America has become? Let's punish our entrepreneurs. No! They pay their fair share and percentage of taxes. They abide by the tax laws. And they create jobs.”
However, even billionaires like Bill Gates have expressed support for raising taxes on the wealthy to improve the country’s economic outlook.
As the upcoming election draws nearer, Social Security will undoubtedly be a pivotal issue. Harris seeks to provide a proactive approach to addressing economic inequality and securing financial well-being for retirees and all Americans. However, challenges remain in balancing these goals with the potential impact of raising taxes for equality. Voters must weigh these considerations and do their due diligence to decide who will best protect their financial interests.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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