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What are some of the benefits of Obama's Social Security Plan?

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Quick Answer

Some of the benefits of the Obama Social Security Plan include strengthening retirement savings, providing affordable health care to all Americans and increasing protection and honor for senior citizens. The plan also ensures that the Social Security of Americans is solvent and viable for all.

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What are some of the benefits of Obama's Social Security Plan?
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Full Answer

The plan reforms the corporate bankruptcy laws so as to protect workers and all retirees. Under the scheme, pensions are protected by putting the promises of workers higher in debt lists such that companies cannot afford to shed them. Accordingly, bankruptcy courts do not demand more sacrifice from workers to benefit the corporation. Also, the plan eliminates income taxes for seniors earning less than $50,000.

In ensuring that there is affordable health care for all Americans, the plan aims at protecting and strengthening the Medicare program. The elimination of subsidies made to the private Medicare Advantage Program ensures a reduction of waste in the Medicare system. The Obama Social Security Plan also strengthens long-term care options for all seniors by providing them with more choices about their care.

The Obama Social Security Plan provides increased funding to better the lives of seniors. For example, funding the Home Energy Assistance Program ensures that all low-income citizens, including older adults, get assistance in paying for their home cooling during summer and heating during winter. The program also offers support for senior volunteer efforts.

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