Social Security under Trump: According to an apolitical economist, if Donald Trump is elected president, the Social Security program will face a variety of “risks”.
Social Security under Trump
Chuck Warren, who has previously partnered with numerous Republican organizations, predicted that Republicans may try to privatize Social Security, raise the retirement age, and lower payouts for certain Americans if Trump wins in November.
“Attempts may be made to increase the age of eligibility for both Social Security and Medicare due to growing life expectancies,” he stated to Yahoo Finance. “However, it could also mean postponement of benefit entitlements for future pensioners who paid their savings into this system over decades.”
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Earlier this year, in March, the Republican Study Committee—a group of 170 GOP lawmakers, many of whom are Trump supporters—released a budget blueprint that called for “modest adjustments to the retirement age for future retirees, to account for increases in life expectancy.”
In addition, Warren stated that “the drive to partly or wholly privatize Social Security could be one of the most significant changes,” considering that certain Republicans have long prioritized the program.
“This [privatization], therefore, implies that while higher returns are probable it also comes with market risks and might undermine the income guarantee side of Social Security.”
Warren added that to support the SSA’s finances, benefits for the wealthiest pensioners in the country might be reduced. If the government agency’s trust funds are not restored by 2035, when payouts are now planned to be reduced by 17% in the absence of legislative action, it will face a bankruptcy issue.
“These proposals could be the result of solvency issues,” stated Warren. “However, while such approaches would prolong the trust funds’ life, [they would] face strong opposition from the public.”
What Social Security-related remarks has Donald Trump made?
Speaking earlier this month to a group of supporters in Doral, Florida, the former president promised not to reduce benefits should he reclaim the presidency in November. “I will not cut one penny from Social Security or Medicare,” he declared. “And I will not raise the retirement age by one day.”
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Democrats took offense at Trump’s remarks earlier this year when it appeared like he was in favor of slashing Social Security.
During a call to CNBC’s Squawk Box program on March 11, Trump said, “So first of all, there is a lot you can do in terms of entitlements, in terms of cutting,” about Social Security and Medicaid. “And in terms of, also, the theft and the bad management of entitlements—tremendous bad management of entitlements—there’s tremendous amounts of things and numbers of things you can do.”
Then, he told the right-wing newspaper Breitbart, “I will never do anything that will jeopardize or hurt Social Security or Medicare.”
