Social Security expected to run out of money under second Trump administration: report

21 October 2024

Under a second Donald Trump presidency, Social Security will "run out of money" in the next six years, CNN reports.

Per the report, the new analysis — which comes from the nonpartisan government watchdog Committee for a Responsible Federal Budget — was slammed by the GOP nominee's campaign, claiming the group has been "consistently wrong throughout the years."

But the watchdog's senior policy director, Marc Goldwein, told CNN, "I don’t think I’ve ever seen a plan that would have this big of a negative effect on solvency in a general election campaign."

CNN noted:

Social Security’s finances have long been on shaky financial ground. As the nation ages, the ranks of beneficiaries have surged while the number of workers contributing to the system has shrunk. The program’s combined retirement and disability trust funds are currently scheduled to run dry in 2034, leading to a 23% cut in benefits the following year, according to a Congressional Budget Office analysis, which the committee used for its report. (Social Security’s trustees estimate the combined trust funds would be depleted in 2035.)

Trump campaign’s national press secretary Karoline Leavitt told the news outlet in a statement, "By unleashing American energy, slashing job-killing regulations, and adopting pro-growth America First tax and trade policies, President Trump will quickly rebuild the greatest economy in history and put Social Security on a stronger footing for generations to come, all the while eliminating taxes on Social Security for America’s well-deserving seniors."

CNN's full report is available here.

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