3 Ways Trump Has Proposed Cutting Social Security
Social Security, our nation's most prized social program, is responsible for providing benefits to over 46 million retired workers each month and is singlehandedly pulling more than 15 million of those retirees out of poverty. It's also a program that's in some pretty big trouble.
Since 1985, the annually released Social Security Board of Trustees report has cautioned that the program's long-term (75-year) outlays wouldn't cover projected revenue collection. As of 2020, Social Security's unfunded obligations through 2094 had ballooned to a whopping $16.8 trillion. Without intervention from Capitol Hill, retired workers could face sweeping benefit cuts of up to 24%, beginning in 2035.
There's no question Social Security needs some help, and that's expected to start at the top, with President Trump. For the most part, Trump has maintained a hands-off approach with Social Security, choosing instead to indirectly influence the program by attempting to boost payroll tax collection via lower corporate and individual tax rates. But make no mistake about it -- even though Trump has largely avoided calling for direct policy changes to Social Security, he's previously suggested cutting benefits three separate ways.
Source Fool.com
