Post by RinsePrius on Oct 27, 2024 21:27:46 GMT
Trump's economic plans have received a torrent of abuse and criticism, specifically his idea to raise tariffs across the board by 20%. 23 "Noble" (as opposed to Nobel) prize winning economists have said that Kamala's economic agenda is "vastly superior" to Trump's.
But tariffs are not the only economic policy where Trump is weak, there's also a number of policy promises that threaten to undermine Social Security's solvency, and we know that system is already on a weakened foundation.
SS needs to be augmented and reinforced, not subtracted from, assuming we care about the program and the common good.
Unfortunately, neither candidate has presented plans to fix Social Security’s finances despite the looming $16,500 cut facing a typical couple retiring just before insolvency.
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.
www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security
But tariffs are not the only economic policy where Trump is weak, there's also a number of policy promises that threaten to undermine Social Security's solvency, and we know that system is already on a weakened foundation.
SS needs to be augmented and reinforced, not subtracted from, assuming we care about the program and the common good.
Unfortunately, neither candidate has presented plans to fix Social Security’s finances despite the looming $16,500 cut facing a typical couple retiring just before insolvency.
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.
www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security