Retired Americans Warn About Social Security's Future Under Donald Trump

Former U.S. President Donald Trump speaks to the press before departing for the day at his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City, on May 6, 2024.

The future of the Social Security program depends on the person Americans elect as their next president in November, groups supporting financial safety for retirees in the U.S. told Newsweek.

Their comments followed the release of this year’s annual report to Congress on the financial status of the health of the Social Security Trust Funds, which found that the program will be able to pay all scheduled benefits until 2035, a year later than previously expected, thanks to the strength of the U.S. economy in the past couple of years.

On the projected depletion day, the Social Security Administration will be able to pay 83 percent of benefits—a reduction that could make a huge difference to the millions of recipients who rely on the payment as their main source of income. This would be unavoidable unless Congress takes action to reform the Social Security program, which is struggling with the growing imbalance between the number of recipients and that of workers as the American workforce is graying.

Experts previously warned that the Social Security’s trust funds would be depleted by 2034 and the administration would be able to pay only 77 percent of scheduled benefits. If the deadline is delayed by a year, it’s thanks to the strong job and wage growth in the U.S. and the impact of Bidenomics, Richard Fiesta, executive director of the nonpartisan Alliance for Retired Americans, said in a written statement shared with Newsweek.

“Current and future American retirees should feel confident about both Medicare and Social Security, which is stronger due to the robust economy under President Biden,” he said. “But the future of these earned benefit programs depends on who is elected this fall—both as president and to Congress.”

“President Joe Biden’s latest budget calls for strengthening the Social Security Trust Fund, including making the wealthiest Americans pay their fair share into the system and increasing benefits for those who need it the most.

“On the other hand, Republican presidential nominee Donald Trump recently said ‘there is a lot you can do…in terms of cutting’ Social Security and Medicare and is reportedly seeking to defund Social Security by cutting its dedicated revenue. That would be a recipe for disaster.”

Newsweek contacted Trump’s 2024 election campaign for comment by email on Tuesday morning.

The Republican Study Committee (RSC), which includes about 80 percent of House Republicans, stands ready to make cuts as well, Fiesta said. The committee’s budget proposal includes $1.5 trillion in Social Security cuts and includes raising the retirement age to 69.

“The 4.4 million members of the Alliance and all older Americans have worked too hard for too long to see their Social Security and Medicare taken from themselves and future generations,” Fiesta said.

Fiesta is not the only advocate for retirement safety to think this way. Nancy Altman, president of the Social Security Works, a nonprofit organization working to expand Social Security and improve Medicare, said that Monday’s report shows that “Biden’s economic policies are already strengthening Social Security—and he understands that more is needed.”

In contrast, Altman said: “Republicans want to cut benefits despite overwhelming opposition from the American people,” including Republican voters.

“Ultimately, the question of whether to expand or cut Social Security’s modest benefits is a question of values and choice, not affordability. The United States is the wealthiest nation on Earth at the wealthiest moment in our history.

“We can use that wealth to protect and expand Social Security, or to provide yet more tax handouts to billionaires. This report is a reminder that the next decade is a crucial one for Social Security’s future. Americans should vote accordingly this November.”

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