By Jennifer Shutt
Trump, who campaigned on “saving” the income stabilization program for America’s seniors, said during an appearance in the Oval Office that Republicans would keep the program going.
But neither Trump, nor Republican leaders in Congress, have advanced legislation that would avoid a decrease in Social Security benefits in 2033, or begun to seriously address the issue.
“In the campaign I made a sacred pledge to our seniors that I would always protect Social Security and under this administration we’re keeping that promise and strengthening Social Security for generations to come,” Trump said. “You keep hearing stories that in six years, seven years, Social Security will be gone. And it will be if the Democrats ever get involved because they don’t know what they’re doing.
“But it’s going to be around a long time with us. Very much, you’ll be surprised to hear some of the numbers.”
‘One big, beautiful’ law speeds up fund depletion
The latest Social Security trustees report, released earlier this year, shows that without changes the Old-Age and Survivors Insurance trust fund will no longer be able to pay full benefits starting in 2033.
“At that time, the fund’s reserves will become depleted and continuing program income will be sufficient to pay 77 percent of total scheduled benefits,” the report states.
Republicans’ “big, beautiful” law will, however, speed up that timeline.
Karen Glenn, chief actuary for the Social Security Administration, wrote in a letter released earlier this month that the lower tax rates in the GOP law will reduce the amount of revenue flowing into the trust fund.
When combined with “increased program cost” associated with the new law, Glenn wrote “the reserve depletion date for the OASI Trust Fund is accelerated from the first quarter of 2033 to the fourth quarter of 2032.”
Bipartisanship needed
Republicans cannot restructure Social Security on their own and will need to negotiate with Democrats in the years to come if lawmakers want to avoid insolvency.
The budget reconciliation process, which GOP lawmakers used to pass their “big, beautiful bill,” cannot be used to address Social Security, making bipartisanship the only path to avoiding a decline in benefits for America’s retirees.
The Committee for a Responsible Federal Budget wrote in a post published Thursday that “solutions are needed soon to prevent insolvency and the statutorily required benefit cut.”
Without a new law to address the financial struggles facing the program, CRFB wrote, a “typical couple retiring just after insolvency will face an $18,400 cut in annual benefits.”
President Franklin Delano Roosevelt signed the law enacting Social Security on Aug. 14, 1935.
9 comments:
They have been fear mongering my entire life about this, Al I know is the government 100% lies. They essentially play the shell game with us, distract and illusions
The big ugly bill: Republicans destroying the very fabric of what used to make this country great. Dems and independents had better start pushing back at this assault on democracy before we become as cowardice and passive as the german people were to Hitler and the nazi's. The authoritarian takeover of this country is happening now.
Amen 4:54 am.
You expect the party that doesn’t know the difference between a man and a woman to help🤣🤣🤣
351, the party you're alluding to actually cares about people. Your callous and white egocentric party cares only to please their master and keep America white.
5:36 your are a typical Democrat always using race, People are wise to you, that card has been played to many times. Your party is more concerned with what race/gender the pilot is instead of the pilot’s qualifications… Which is ironic because you don’t even know there are only 2 genders. You think men can have babies, you think they menstruate, does any of this sound like something a sane person would believe. Your party panders to the mentally unstable.
Dear 1004, Could you please direct me to the grocery store aisle harboring the manly (he/him) kotexes please?
1:29 you fools made them unisex, you got to keep up with the foolishness your party embraces
719....ummm,...ok
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