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Biden’s 2023 budget seeks to give more money for Social Security


American President Joe Biden addresses an audience at the Royal Castle during Russia’s invasion in Ukraine on March 26, 2022.

Aleksandra Szmigiel | Reuters

President Joe Biden proposes a budget for 2023 that will give more money to the Social Security Administration in order to improve its services.

Some argue that the increase isn’t enough.

Biden plans to boost discretionary funding for Social Security Administration during his term. proposed 2023 budgetwith an additional $1.8 billion to reach $14.8 billion. This represents a roughly 14% increase in funding for the agency that administers survivor, disability, and retirement benefits to approximately 70 million Americans.

The $14.8 billion proposed budget would see $1.6 billion (a 14% increase from 2021) go towards improving agency services. Meanwhile, $224 million would be spent on protecting program integrity.

Biden, too sought more moneySocial Security proposed an increase of 9.7%, or $14.2 million, last year to aid customer service during the continuing Covid-19 pandemic.

Social Security: Proposed Changes

The groups hoped for more

National Committee to Preserve Social Security & Medicare applauded the proposal funding for Social Security Administration operations. The advocacy non-profit group stated that they were “strained by the pandemic, more than a decade’s GOP-forced spending reductions” and on Monday praised the new funding.

According to the agency, the funds could reduce wait times at the 800 number for customer service and disability hearings and allow the agency to open up field offices which were closed down during the pandemic.

But, they also stated their desire to have more money in the budget.

“While we appreciate many aspects of the President’s FY2023 budget proposal, we had hoped that it would reflect efforts by Democrats in Congress to boost Social Security, including a much-needed increase in benefits and an adjustment of the payroll wage cap so that the wealthy pay their fair share into the system,” Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, said in a statement.   

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A bill was reintroduced in CongressIn October, Rep. John Larson (D-Conn.) proposed a benefit increase for existing and new beneficiaries. It would amount to approximately 2% of the average benefit. Additionally, the minimum benefit would be higher for workers with low incomes.

It also attempts to increase Social Security taxes that higher-wage earners pay by reapplying the payroll taxes for people earning at least $400,000 per year. Payroll taxes, which are 6.2% each paid by the employer and employee, currently only apply to wages above $147,000.

Biden’s budget proposal is also a new one, as trust funds upon which Social Security depends to pay benefits are projected to be depleted in 2034. Then, 78% will become payable.

Non-profit group, the Committee for a Responsible Federal Budget (CFRFB), raised concerns about Biden’s budget.

Maya MacGuineas (president of the Committee for a Responsible Federal Budget) stated in a statement that “the budget doesn’t go far enough towards putting the nation in order fiscally, nor does it address the harder tradeoffs necessary for responsibly prevent Social Security and Medicare insolvency.”