A new study by the non-partisan Committee for a Responsible Federal Budget found that Donald Trump’s plans for Social Security would drive the program toward insolvency and cut benefits by 33%.
According to the CRFB:
In fact, we find President Trump’s campaign proposals would dramatically worsen Social Security’s finances.
President Trump’s proposals to eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits. Under our central estimate, we find that President Trump’s agenda would:
Increase Social Security’s ten-year cash shortfall by $2.3 trillion through FY 2035. Advance insolvency by three years, from FY 2034 to FY 2031 – hastening the next President’s insolvency timeline by one-third. Lead to a 33 percent across-the-board benefit cut in 2035, up from the 23 percent CBO projects under current law. Increase Social Security’s annual shortfall by roughly 50 percent in FY 2035, from 3.6 to 4 percent of payroll. Require the equivalent of reducing current law benefits by about one-third or increasing revenue by about one-half to restore 75-year solvency.
Congress needs to pass legislation to change COLA. Neither the president nor Congress can ‘approve’ increases; not even gov shutdowns effect SS payments. Talk of SS cuts have been described as the ‘3rd rail’ of American politics for their effect on the electoral prospects of those who threaten such.
On the other hand I wonder if the SS Administration stated that 'if the government shuts down checks will not go out' would really stay the hand of the GOP. The checks go out weekly so half of the recipients would not receive checks in a 2 week shutdown; everyone in a 4 week shutdown. Dems would be able to run on that forever.
Allegedly, seniors on SS will be getting a real cost of living raise this coming January, that is if dems keep the WH and whatever.
Are COLAs automatic?
Yes. Before 1972, Congress needed to approve increases, which it did from time to time. Since then, COLAs have been automatic, though there are occasional years when no increases are granted, reflecting little or no inflation during those periods.
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