Congress can have a major impact on Social Security programs, but so too can the president of the United States. Although the president does not pass legislation, whoever holds the office has a large influence over significant changes that occur at Social Security. Most presidential candidates are asked what they would do with Social Security. Prior to being elected president, Donald Trump was asked this question. Trump responded that he would protect Social Security and Medicare and not make any changes. We shall see what the next two years have in store for Social Security, but there are likely to be some things that happen to Social Security while Trump is president. Take a look back at what happened under former President George W. Bush.
Social Security In The George W. Bush Administration
In his Inaugural Address, President George W. Bush announced his intentions to reform Social Security and Medicare. Throughout the early months of his presidency the President made many speeches and addresses in which this was a major recurring theme. In his first speech to a joint-session of Congress in February 2001, the President announced his intention to appoint a Presidential Commission to recommend ways to address Social Security reform. The President stated the Commission would operate under three broad principles:
- It must preserve the benefits of all current retirees and those nearing retirement.
- It must return Social Security to sound financial footing.
- And it must offer personal savings accounts to younger workers who want them.
On May 2, 2001 the President announced the appointment of his Social Security Commission, the “President’s Commission to Strengthen Social Security.” The Commission issued its final report in December 2001.
At the beginning of his second term, President Bush made it clear that Social Security reform would be a top priority of his Administration. Although the President pushed for major changes in Social Security, none were enacted into law during the President’s second term.
There were several relatively minor legislative changes enacted into law during the period 2001-2008. Among these were:
- L. 107-117 (H.R. 3338) was signed into law on January 10, 2002. This law eliminated deemed wage credits for members of the uniformed services for all years after calendar year 2001.
- L. 107-171 (H.R. 2646) the Farm Security and Rural Investment Act of 2002 was signed into law on May 13, 2002. The law provides Federal funding of up to $5 million for each fiscal year 2003-2007 for access and outreach pilot projects. The law also restored eligibility for food stamps for all legal immigrant children; restored food stamp eligibility for qualified alien adults who are receiving disability benefits; and provides food stamp eligibility to any otherwise eligible qualified aliens who have continuously resided in the United States for 5 years or more.
Medicare Prescription Drug Benefits
A major change in the Medicare program was enacted into law during this period. P.L. 108-173, the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (H.R. 1), was signed into law on December 8, 2003. The law amends title XVIII of the Social Security Act to provide for a voluntary prescription drug benefit under the Medicare program. This was the largest single expansion of the Medicare system since its creation in 1965.
