Democrats are proud to be the party that created Social Security, one of the nation’s most successful and effective programs. Without Social Security, nearly half of America’s seniors would be living in poverty. Social Security is more than just a retirement program. It also provides important life insurance to young survivors of deceased workers and provides disability insurance protection. We will fight every effort to cut, privatize, or weaken Social Security, including attempts to raise the retirement age, diminish benefits by cutting cost-of-living adjustments, or reducing earned benefits. Democrats will expand Social Security so that every American can retire with dignity and respect, including women who are widowed or took time out of the workforce to care for their children, aging parents, or ailing family members. The Democratic Party recognizes that the way Social Security cost-of- living adjustments are calculated may not always reflect the spending patterns of seniors, particularly the disproportionate amount they spend on health care expenses. We are committed to exploring alternatives that could better and more equitably serve seniors.
We will make sure Social Security’s guaranteed benefits continue for generations to come by asking those at the top to pay more, and will achieve this goal by taxing some of the income of people above $250,000. The Democratic Party is also committed to providing all necessary financial support for the Social Security Administration so that it can provide timely benefits and high-quality service for those it serves. Our plan contrasts starkly with Donald Trump. He has referred to Social Security as a “Ponzi scheme” and has called for privatizing it as well as increasing the retirement age.
Democrats believe it should be easier for Americans to save for retirement and prepare for unforeseen risks and expenses. We will defend the right of workers to collect their defined benefit pensions and make sure workers get priority and protection when pension plans are in distress. Democrats will also fight to enact legislation to make sure that the earned pension benefits of Americans will not be cut, and will pay for it by closing tax loopholes that benefit millionaires and billionaires. We will fight against any attempt by Republicans in Congress or on Wall Street to roll back the Conflict of Interest Rule, which requires that retirement advisors put the best interests of their clients above their own financial gain.
Seniors should not have to choose between putting food on the table, keeping a roof over their heads, or buying the medication that they need to stay healthy. We strongly support the Older Americans Act, which funds critical programs to help seniors remain independent in their own homes and communities. We are also committed to fighting the immense problem of elder abuse, neglect, and exploitation.