DES MOINES, Iowa — Tuesday night’s State of the Union speech became a back and forth between President Joe Biden and Republicans.
President Biden claimed some Republicans want to end the Social Security and Medicare programs.
Biden also claimed that cuts to these programs are “off the table,” but the clock is ticking, as both programs are running out of funds.
Medicare finances are the most dire, and without changes, the trust fund providing benefits for Medicare Part-A will become insolvent in 2028, just five years away.
While the Social Security trust fund won’t become insolvent until 2035, resulting in benefits being cut when that happens.
In Iowa more than 663,000 people receive Social Security benefits, with 39 percent of Iowans 65 and older relying on Social Security for at least half of their income.
That is why AARP is relieved to see the bipartisan support in keeping the programs secure.
“Last night, during the state of the union, of course it was a kind of surprising bipartisan moment, and we were pleased to see it. It is time for leaders on both sides of the isle to recognize how important social security is to older Americans and realize that we need to find ways to strengthen the programs for future generations. That’s what AARP is really focused on,” said Brad Anderson, the State Director of AARP Iowa.
Many are also wondering if there will be setbacks elsewhere, as Republican Senator Lindsey Graham saying that seniors may need to “take a little less,” and introducing legislation that could raise the retirement age to 70 years old.