Democratic presidential candidate Hillary Clinton said today that she would not cut Social Security benefits, raise the retirement age, or allow personal accounts for workers. This leaves only one option: Clinton intends to raise taxes on hard-working Americans in order to pay for the $11.4 trillion in unfunded liabilities.
Clinton has a history of inconsistency on the issue. The New York Times reported today that she said, “We need to get back to the fiscal responsibility of the 1990’s when we weren’t raiding the social security trust fund.” But in March of this year, she voted against a bill that would have barred the government from pulling money from the fund.
And despite voting to allow the government to continue to dip into the Social Security trust fund, Clinton has criticized businesses for not fully funding their pension plans and other obligations to workers. Businesses should fully fund their employees’ 401k plans, but we are confused as to why Senator Clinton, as an elected official with direct access to the Social Security money, refuses to live up to any such obligation herself.
Clearly, Clinton recognizes that Social Security’s $11.4 trillion unfunded liability is a problem, but her implicit endorsement of raising taxes to pay for it isn’t the answer.
FreedomWorks President Matt Kibbe stated, “Senator Clinton is eager to get her hands on more taxpayer dollars and to continue spending these dollars not on Social Security, but on her plans for HillaryCare and bigger government. Until she can show that she will stop raiding the current Social Security trust fund, taxpayers should not trust her with more of their hard-earned money.”