How Democrats And Republicans Would Tackle The Enduring Retirement Security Crisis

Teresa Ghilarducci, | We have an unfolding retirement emergency on our hands. The Covid-19 recession just made it worse. My research team and I predict over 4 million older workers will leave the labor force by October. Most will have inadequate pensions and many will claim Social Security too early.  

I compared the plans of both parties to see what they would do to solve the retirement crisis. To draw comparisons, I used President’s Trump’s recent statement on Social Security, the platforms of the Republican and Democratic National Committees, and the section in the Biden Task Force recommendation that refers to retirement. From these I examined how each party would approach the most important retirement issues: Social Security; inadequate 401(k)s, pensions, and IRAs; the top-heavy $250 billion in retirement-related tax breaks; helping those in low-paid and unpaid care work secure their retirement futures; and fraudulent money management.

The differences between the Republicans and Democrats are clear and well-defined. The Republicans merely adopted their 2016 language on Social Security and have no language about the employer pension system. The Democrats have a full-bodied set of principles and policy ideas.

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