Former President Donald Trump's economic agenda would speed up bankrupting the Social Security Trust fund and lead to large benefit cuts.
Former President Donald Trump's economic agenda would speed up bankrupting the Social Security Trust fund and lead to large automatic across-the-board benefit cuts within the next six years, a new analysis from the nonpartisan Committee for a Responsible Federal Budget warns.
"The so-called experts at CRFB have been consistently wrong throughout the years," spokeswoman Karoline Leavitt, adding that Trump will protect the program. Unlike Harris, whose border policies would invite millions of undocumented immigrants into the U.S. and "cause Social Security to buckle and collapse," she added.
One area that is particularly vulnerable to Trump's stated positions is in the cost-of-living adjustments , the report noted. Here, his support for broad tariffs on all imports would increase COLAs through higher inflation, further bleeding the trust fund dry, according to CRFB. MacGuineas cited this year's election as an example, saying it stands out among others in the sense that both Harris and Trump are talking about significant tax cuts and spending increases. "It's not the normal -- oh Democrats are big spenders and Republicans are big tax cutters. Guess what, they're both both."
Eventually, prices would be 28% higher by 2028, and the GDP would be 2.8% lower than otherwise by the end of Trump's four-year term.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security stakes: Debunking myths surrounding Social Security benefitsPolitical News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »
Seniors to get moderate cost of living bump in Social Security payments next yearThe Social Security Administration announced 2025's cost of living adjustment (COLA) to Social Security checks.
Read more »
Social security overpayments around $9 billion a year, former employee saysThe employee added that the system for assessing overpayments is 'really messed up.'
Read more »
Social Security Overpayment System 'Really Messed Up', Former Employee ClaimsA former Social Security Administration attorney claims the system for assessing overpayments is broken and contributing to widespread financial distress for Americans. Avram Sacks, who worked at the agency for years, says the issue has worsened significantly in recent times, leading to billions of dollars in incorrect payments.
Read more »
CNN Fact-Checker: Harris Claim Trump Will Cut Social Security Is FalseSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Trump's Social Security plan would hasten insolvency, lead to bigger benefits cuts, analysis findsDonald Trump's plans could undermine Social Security's financial stability and lead to a large benefits cut, nonpartisan think tank says.
Read more »