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Written by Steve Cannon for USSA News.
Key Takeaways:
- Mike Pence calls for a conversation on Social Security reform
- 70% of federal spending goes to entitlement programs
- Pence discusses the possibility of enabling young Americans to put part of their Social Security in a private savings account
- Social Security was created during the Great Depression as part of President Roosevelt’s New Deal
- Republican and Democratic lawmakers are facing off over the debt limit negotiations
Former Vice President Mike Pence has called for a conversation on the reform of Social Security. This comes as Speaker Kevin McCarthy (R-Calif.) has stated that cuts to Social Security and Government-run Medicare will not be considered as part of the debt limit negotiations.
In a recent speech at a meeting of the National Association of Wholesaler-Distributors, Pence addressed the audience and highlighted the importance of the conversation. He mentioned that 70% of the federal government’s spending goes towards entitlement programs, which provide financial assistance to certain groups.
Pence also spoke about his involvement during the Bush administration’s 2005 attempt to reform Social Security. The former Vice President emphasized the need for leaders who can tell the truth to older Americans and give younger people a better choice going forward. He believes that putting some Social Security withholdings into a private savings account, overseen by the government, could double the amount people get back from Social Security and help the government save money.
Biden administration has called for a “clean” bill to raise the debt limit, while Republicans, led by McCarthy, have insisted on spending cuts. Pence mentioned that there are modest reforms in entitlements that can be done without disadvantageing anyone.
FAQs:
Q: What did Mike Pence say about Social Security reform?
A: Mike Pence called for a conversation on the reform of Social Security and discussed the possibility of enabling young Americans to put part of their Social Security in a private savings account.
Q: What is the current situation with the debt limit negotiations?
A: Republican and Democratic lawmakers are facing off over the debt limit negotiations. Biden administration has called for a “clean” bill to raise the debt limit, while Republicans have insisted on spending cuts.
Q: What is Social Security?
A: Social Security is a government program that provides financial assistance to certain groups of people. It was created during the Great Depression as part of President Roosevelt’s New Deal.
