Sen. Joe Manchin (D-WV) has indicated his willingness to reach across the aisle and work with Republicans on reforming the Social Security and Medicare programs. His recent comments indicate that he will work with the GOP to work on improving solvency while also taking action to reduce the national debt.
Manchin’s comments are in stark contrast with many Democrats who have attacked GOP plans to prolong the solvency of these two programs by raising the ages for qualification and taking other similar steps.
We asked professors Robert Bloink and William Byrnes, authors of ALM’s Tax Facts with opposing political viewpoints to share their opinions about Manchin’s latest indication that he may support GOP plans for Social Security and Medicare reform.
Below is a summary of the debate that ensued between the two professors.
Their Votes:
Their Reasons:
Byrnes: The bottom line here is that we have a system that’s broken, and we must find a way to fix it before the clock runs out and these programs are simply bankrupt. Manchin’s willingness to work across the aisle to save these failing systems is a positive step in the right direction. New GOP proposals would gradually continue to increase the full retirement age and increase the age for Medicare eligibility, which is a reflection of the fact that Americans are working and living longer than ever.
Bloink: Yes, we need to focus on saving these valuable entitlement programs. These most recent GOP proposals, however, are tantamount to a reduction in benefits. Reducing benefits for hardworking Americans is not the way to go about saving Medicare and Social Security. We save Social Security by increasing the earnings cap to increase Social Security tax revenue.