TRUMP'S PLAN WOULD CUT SOCIAL SECURITY BENEFITS BY 33%
TRUMP’S PLAN WOULD CUT SOCIAL SECURITY BENEFITS BY 33%
JASON EASLEY DONALD TRUMP, FEATURED NEWS MON, OCT 21ST, 2024
https://www.politicususa.com/2024/10/21/trumps-plan-would-cut-social-security-benefits-by-33.html
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A new study by the non-partisan Committee for a Responsible Federal Budget found that Donald Trump’s plans for Social Security would drive the program toward insolvency and cut benefits by 33%.
According to the CRFB:
In fact, we find President Trump’s campaign proposals would dramatically worsen Social Security’s finances.
President Trump’s proposals to eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits. Under our central estimate, we find that President Trump’s agenda would:
Increase Social Security’s ten-year cash shortfall by $2.3 trillion through FY 2035.
Advance insolvency by three years, from FY 2034 to FY 2031 – hastening the next President’s insolvency timeline by one-third.
Lead to a 33 percent across-the-board benefit cut in 2035, up from the 23 percent CBO projects under current law.
Increase Social Security’s annual shortfall by roughly 50 percent in FY 2035, from 3.6 to 4 percent of payroll.
Require the equivalent of reducing current law benefits by about one-third or increasing revenue by about one-half to restore 75-year solvency.
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