Chuck Darwin on Nostr: Trump proposals could drain Social Security in 6 years, budget group says A new ...
Trump proposals could drain Social Security in 6 years, budget group says
A new report projects that the Social Security Trust Fund might run out of money within six years under a Donald Trump presidency,
while Vice President Kamala Harris’s proposed policies would not meaningfully change the current trajectory.
Social Security faces a looming funding crisis in an aging country,
with trustees most recently predicting that the retirement and disability program’s trust fund will become insolvent in 2035.
Many of Trump’s campaign proposals would accelerate that timeline, potentially by years,
said the Committee for a Responsible Federal Budget,
a nonpartisan group that opposes large federal deficits.
In a report released Monday, the organization concluded that many of Trump’s proposed second-term agenda items all work in the same direction when it comes to the Social Security Trust Fund.
The budget group did not produce a similar report on Harris’s policies because they would have a negligible effect measured only in weeks or months rather than years, said Marc Goldwein, CRFB’s senior policy director.
Compared to prior presidential campaigns, Goldwein said, “I can’t think of anything that would be this order of magnitude” in its detrimental effect on Social Security’s bottom line compared to the policies Trump has proposed.
https://www.washingtonpost.com/business/2024/10/21/social-security-crfb-trump-harris/
A new report projects that the Social Security Trust Fund might run out of money within six years under a Donald Trump presidency,
while Vice President Kamala Harris’s proposed policies would not meaningfully change the current trajectory.
Social Security faces a looming funding crisis in an aging country,
with trustees most recently predicting that the retirement and disability program’s trust fund will become insolvent in 2035.
Many of Trump’s campaign proposals would accelerate that timeline, potentially by years,
said the Committee for a Responsible Federal Budget,
a nonpartisan group that opposes large federal deficits.
In a report released Monday, the organization concluded that many of Trump’s proposed second-term agenda items all work in the same direction when it comes to the Social Security Trust Fund.
The budget group did not produce a similar report on Harris’s policies because they would have a negligible effect measured only in weeks or months rather than years, said Marc Goldwein, CRFB’s senior policy director.
Compared to prior presidential campaigns, Goldwein said, “I can’t think of anything that would be this order of magnitude” in its detrimental effect on Social Security’s bottom line compared to the policies Trump has proposed.
https://www.washingtonpost.com/business/2024/10/21/social-security-crfb-trump-harris/