The federal government’s ability to pay Social Security benefits could stop by mid-2023 if President Trump were to permanently terminate the payroll tax and not offer another revenue source, the chief actuary of the Social Security Administration says.
For the main Social Security Old Age and Survivors Insurance Trust Fund for retired workers, Goss said that they predict reserves “would become permanently depleted by the middle of calendar year 2023, with no ability to pay OASI benefits thereafter.”
House Speaker Nancy Pelosi, D-Calif., said that the analysis “shows the swift potential devastation of President Trump’s reckless call to ‘terminate’ the payroll tax: shattering the sacred promise of Social Security.”
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