{"id":1049049,"date":"2024-10-21T10:50:11","date_gmt":"2024-10-21T14:50:11","guid":{"rendered":"https:\/\/democrats.org\/?p=1049049"},"modified":"2024-10-21T10:50:12","modified_gmt":"2024-10-21T14:50:12","slug":"icymi-trumps-proposals-could-drain-social-security-in-six-years","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/icymi-trumps-proposals-could-drain-social-security-in-six-years\/","title":{"rendered":"ICYMI: Trump\u2019s Proposals Could Drain Social Security in Six Years"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"341\" width=\"1024\" src=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/08\/image.png?w=1024\" alt=\"\" class=\"wp-image-1038290\" srcset=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/08\/image.png 1500w, https:\/\/democrats.org\/wp-content\/uploads\/2024\/08\/image.png?resize=300,100 300w, https:\/\/democrats.org\/wp-content\/uploads\/2024\/08\/image.png?resize=768,256 768w, https:\/\/democrats.org\/wp-content\/uploads\/2024\/08\/image.png?resize=1024,341 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Key Point:<\/strong> \u201cA new report projects that the Social Security Trust Fund might run out of money within six years under a Donald Trump presidency.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.washingtonpost.com\/business\/2024\/10\/21\/social-security-crfb-trump-harris\/\"><strong>Washington Post<\/strong><\/a><strong>: Trump proposals could drain Social Security in 6 years, budget group says<\/strong><\/p>\n\n\n\n<p>By: Julie Zauzmer Weil<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>A new report projects that the Social Security Trust Fund might run out of money within six years under a Donald Trump presidency.<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Many of Trump\u2019s campaign proposals would accelerate [Social Security\u2019s insolvency] timeline, potentially by years, said the Committee for a Responsible Federal Budget, a nonpartisan group that opposes large federal deficits.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In a report released Monday, the organization concluded that many of Trump\u2019s proposed second-term agenda items all work in the same direction when it comes to the Social Security Trust Fund.<br><\/li>\n\n\n\n<li>Compared to prior presidential campaigns, Goldwein said, \u201cI can\u2019t think of anything that would be this order of magnitude\u201d in its detrimental effect on Social Security\u2019s bottom line compared to the policies Trump has proposed.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trump\u2019s proposed high tariffs on all imports could affect the economy in several ways detrimental to Social Security\u2019s financial health, CRFB said. If the tariffs drive high inflation as projected by Wall Street experts, Social Security will have to pay out more in benefits because of automatic cost-of-living adjustments based on inflation.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All added up, the report forecasts that Social Security under Trump would hit the point where by law it must cut benefits in 2031 or 2032. And unless Congress changes the law that triggers the automatic cuts, the size of the cut to benefits would rise, from a current projection of a 23 percent reduction for all Social Security checks to a predicted cut of about 33 percent.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key Point: \u201cA new report projects that the Social Security Trust Fund might run out of money within six years under a Donald Trump presidency.\u201d Washington Post: Trump proposals could drain Social Security in 6 years, budget group says By: Julie Zauzmer Weil<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1049049","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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