{"id":1648,"date":"2023-01-25T20:06:33","date_gmt":"2023-01-25T20:06:33","guid":{"rendered":"http:\/\/www.whatistandfor.co\/conservativecitizen\/?p=1648"},"modified":"2023-01-25T20:07:11","modified_gmt":"2023-01-25T20:07:11","slug":"yahoo-finance-manchin-proposes-easiest-social-security-fix-in-response-to-debt-ceiling-would-biden-agree","status":"publish","type":"post","link":"http:\/\/whatistandfor.co\/conservativecitizen\/yahoo-finance-manchin-proposes-easiest-social-security-fix-in-response-to-debt-ceiling-would-biden-agree\/","title":{"rendered":"(Yahoo Finance) Manchin Proposes \u2018Easiest\u2019 Social Security Fix In Response to Debt Ceiling \u2014 Would Biden Agree?"},"content":{"rendered":"\n<p>the U.S. officially hit its debt ceiling, having spent all of the $31.4 trillion available for expenditures as allocated by the Treasury. In the days since, conversations have become heated about how the country will move forward to avoid a total spending freeze and a financial catastrophe.<\/p>\n\n\n\n<p>Unless Congress acts before the impending June deadline, there could be grave effects. A report from Moody\u2019s estimated that 6 million jobs may be on the line, bumping the unemployment rate up to 7% and pushing the country into a full-blown recession, as GOBankingRates reported.<\/p>\n\n\n\n<p>Currently, Congress remains at an impasse. Democrats are for pushing the debt ceiling limit for more borrowing power, while Republicans want spending cuts before conceding their position.<\/p>\n\n\n\n<p>One politician has come forward with a partial fix, though not all of Congress may agree with him. Democratic Sen. Joe Manchin wants to change the way in which Social Security is funded, notably raising the cap on payroll taxes in order to make the highest earners contribute more to the program\u2019s reserves.<\/p>\n\n\n\n<p>As Manchin told CNN during a recent appearance on the network\u2019s \u201cState of the Union\u201d program, he believes that providing more money for the program in this manner will ensure beneficiaries continue to get payments. This new revenue would also ease government overspending on this major line item, thus \u2014 at least partially \u2014 alleviating the debt ceiling crisis.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/4llSG6l0wHu02uAV_vTZng--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw\/https:\/\/media.zenfs.com\/en\/gobankingrates_644\/b3dd413506b33717d11c41ab124f5707\" alt=\"Alex Brandon\/AP\/Shutterstock\"\/><\/figure>\n\n\n\n<p>Per the Social Security Administration, every American worker and their employer offers 6.2% of their pay towards the program, up to $160,200 in 2023, while self-employed workers pay a more substantial 12.4% of their wages (since no employer co-pays). However, if you\u2019re a millionaire, you will have met the $160,200 cap around February of every year, per The Hill. When considering the combined Federal Insurance Contribution Act (FICA), which combines Social Security payroll taxes and Medicare payroll taxes, regular employees pay 7.65% and self-employed persons pay 15.3%.<\/p>\n\n\n\n<p>Manchin\u2019s plan seems to dovetail with Biden\u2019s own pledge to ensure the health and longevity of Social Security, which is poised to become exhausted by 2035 unless something is done to provide more funding. \u201cThe Biden Plan will put the program on a path to long-term solvency by asking Americans with especially high wages to pay the same taxes on those earnings that middle-class families pay,\u201d a statement on the president\u2019s official website declared, outlining his four-part Older Americans program to preserve Social Security.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>the U.S. officially hit its debt ceiling, having spent all of the $31.4 trillion available<span class=\"more-button\"><a href=\"http:\/\/whatistandfor.co\/conservativecitizen\/yahoo-finance-manchin-proposes-easiest-social-security-fix-in-response-to-debt-ceiling-would-biden-agree\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\">(Yahoo Finance) Manchin Proposes \u2018Easiest\u2019 Social Security Fix In Response to Debt Ceiling \u2014 Would Biden Agree?<\/span><\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1648","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/posts\/1648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/comments?post=1648"}],"version-history":[{"count":1,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/posts\/1648\/revisions"}],"predecessor-version":[{"id":1649,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/posts\/1648\/revisions\/1649"}],"wp:attachment":[{"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/media?parent=1648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/categories?post=1648"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/tags?post=1648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}