Biden Vows to Shield Your Retirement from Trump’s Policies

Presidential hopeful Donald Trump caused a commotion on Monday with comments that could affect your retirement. Read on to find out more about what Trump said.

Pre-Rally Remarks

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On Monday, hours before Biden gave a campaign rally in New Hampshire, Trump was invited onto CNBC’s “squawk box” to discuss entitlement programs – the likes of Social Security, Medicare, and Medicaid. 

Trump’s Stance

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Trump was asked whether he had changed his opinions on them, and he replied “There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and the bad management of entitlements. There’s tremendous amounts of things and numbers of things you can do.”

Critique of Democrats

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Trump went on to explain that he thought Democrats would “end up weakening social security because the country is weak. I mean, take a look at outside of the stock market … We’re going through hell. People are going through hell.”

Biden’s Response

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Biden was quick to respond, writing on social media a straight-up “Not on my watch.”

A Swift Rebuttal 

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Later on in the day, Biden elaborated on his comments, explaining that he saw large swathes of Republicans who wished to push back social security and Medicaid progress – to the extent of removing them entirely.

He argued that Republicans will cut these entitlement programs and give the money back to the wealthy in tax cuts, and unequivocally stated, “I’m never going to allow that to happen.”

Campaign Commitment

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He went on to make a campaign commitment, “I won’t cut social security. I won’t cut Medicare. Instead of … giving tax breaks to the wealthy, I will protect and strengthen social security and Medicare and make the wealthy begin to pay their fair share.”

Historical Context

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Opposition to Medicare and Social Security is not a recent phenomenon – politicians have been trying to change up the provisions for years despite most U.S. adults opposing cuts. 

Trump’s 2024 Campaign

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Trump himself campaigned for the 2024 Republican primary by promising to protect both  – an effective card to play against Nikki Haley, who refused to rule out cuts.

Trump’s Camp Response

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Trump’s camp quickly responded to Biden’s address, with one spokesperson stating that Trump had been referring to “waste and fraud,” not entitlements.

Another spokesperson stated that Trump had successfully protected Social Security and Medicare in his first four years and would protect them for another four if he was re-elected.


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This spokesperson then went on the attack, claiming that “The only candidate who poses a threat to Social Security and Medicare is Joe Biden – whose mass invasion of countless millions of illegal aliens will, if they are allowed to stay, cause Social Security and Medicare to buckle and collapse.”

Democratic Consensus

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Democrats are fairly united in opposing retirement benefit cuts, with many pushing to expand social security benefits and to include dental, vision, and hearing on Medicare.

Trump’s Past Approaches to Spending Cuts

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Trump’s four years in power saw budget proposals that were in favor of spending cuts to disability benefits, Medicare and social security in general, however on this campaign he has consistently said he would defend Medicare and social security.

Trump’s Reiterated Stance

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Trump believes strongly enough in this idea to post a video on his campaign website in which he says, “Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security.” 

Criticism and Doubt

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He reinforced this at a campaign rally in Michigan last month, where he said, “We don’t have to play around with Social Security and Medicare,” although, after his CNBC remarks, many critics are now accusing Trump of using Social Security as leverage against Nikki Haley without any intention of following through.

Project 2025

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This has amplified fears about a Trump-led government as Project 2025 – a widely organized Republican plan for a Trump transition – has gained notoriety.

Project 2025 is, in the words of its director, preparing “a new army, aligned, trained, and essentially weaponized conservatives ready to do battle against the deep state.”

Privatization of Social Security 

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The co-author of Project 2025, Stephen Moore, has in the past called for social security to be privatized and for students to march on the Capitol and burn their social security cards. 

Democratic Concerns

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This, coupled with Project 2025 stating that social security is an “issue of concern” as it cuts “ across multiple parts of treasury or other governmental agencies,” has caused some worries in Democratic circles.

A Persistent Issue

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Regardless of whether Trump achieves his goal of presidency, social security and Medicare will remain on the ballot as one of the hot-button issues of the 2024 election period.

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The post Biden Vows to Shield Your Retirement from Trump’s Policies first appeared on Thrift My Life.

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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.