New Independent Economic Analysis: Trump’s Agenda Would Make Social Security “Insolvent” in “Only Six Years,” Cut Benefits by a Third

New Independent Economic Analysis: Trump’s Agenda Would Make Social Security “Insolvent” in “Only Six Years,” Cut Benefits by a Third

Washington Post: “Trump proposals could drain Social Security in 6 years, budget group says”

Committee for a Responsible Federal Budget: Trump’s agenda would “lead to a 33 percent across-the-board benefit cut”

Today, a new independent economic analysis concludes that Donald Trump’s second term agenda threatens to rapidly drain Social Security and cut benefits for seniors by a third.

Key findings:

• “We find President Trump’s campaign proposals would dramatically worsen Social Security’s finances.”
• “In other words, the trust funds would be insolvent only six years after the next President takes office instead of nine – reducing the remaining life of the trust fund by one-third.”
• Trump’s agenda would “lead to a 33 percent across-the-board benefit cut in 2035, up from the 23 percent CBO projects under current law” and “require the equivalent of reducing current law benefits by about one-third.”
• Under Trump’s agenda “Social Security trust fund reserves would be depleted much faster than under current law.”

Harris-Walz 2024 Spokesperson Joseph Costello released the following statement:

“Donald Trump’s agenda poses an imminent threat to Social Security, and seniors could have their benefits cut by a third. This is yet another reason that Americans simply cannot afford the risk of another Trump term, where he would pursue unchecked power to use his Project 2025 agenda to hurt the American people. Vice President Harris is committed to protecting Social Security benefits and is the only candidate who will actually fight for seniors, not just pay them lip service on the campaign trail.”

More from The Washington Post:

• “A new report projects that the Social Security Trust Fund might run out of money within six years under a Donald Trump presidency, while Vice President Kamala Harris’s proposed policies would not meaningfully change the current trajectory.”
• “In a report released Monday, the organization concluded that many of Trump’s proposed second-term agenda items all work in the same direction when it comes to the Social Security Trust Fund. The budget group did not produce a similar report on Harris’s policies because they would have a negligible effect measured only in weeks or months rather than years, said Marc Goldwein, CRFB’s senior policy director.”
• “Compared to prior presidential campaigns, Goldwein said, ‘I can’t think of anything that would be this order of magnitude’ in its detrimental effect on Social Security’s bottom line compared to the policies Trump has proposed.”

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