Trump isn’t leaving himself many options to save Social Security
CNN
Protecting Social Security is among the top promises that former President Donald Trump and the Republican National Committee say they’ll “accomplish very quickly” if they win control of the White House and Congress in November’s election.
Protecting Social Security is among the top promises that former President Donald Trump and the Republican National Committee say they’ll “accomplish very quickly” if they win control of the White House and Congress in November’s election. “FIGHT FOR AND PROTECT SOCIAL SECURITY AND MEDICARE WITH NO CUTS, INCLUDING NO CHANGES TO THE RETIREMENT AGE,” the platform reads. However, this promise leaves Trump and the GOP with few options to address the looming shortfalls in both entitlements programs. The solutions floated typically include cutting or slowing the growth of benefits, raising the retirement age or hiking payroll taxes either by increasing the rate for everyone or lifting the threshold on income subjected to the levy – though Republicans have generally been opposed to raising payroll taxes. “It’s not a genuine policy prescription to save Social Security,” Jason Fichtner, chief economist at the Bipartisan Policy Center and former acting deputy commissioner of Social Security, said of the party platform. “It avoids putting up any changes for another four years. That just means that any changes that we have to do will be larger.” Congress doesn’t have a lot of time left to figure out how to save the beloved programs. The combined Social Security trust funds – which help support monthly payments to the elderly, survivors and people with disabilities – are expected to be exhausted in 2035, according to its trustees’ annual report. After that, payroll tax revenue and other income sources will only be able to cover 83% of benefits owed. Medicare’s hospital insurance trust fund, known as Medicare Part A, will only be able to pay 89% of scheduled benefits in 2036. By promising not to cut Social Security benefits or change the retirement age, which many advocates consider a benefit cut, Trump is not leaving himself any wiggle room, said Andrew Biggs, a senior fellow at the American Enterprise Institute, a right-leaning think tank.
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