Vice President Kamala Harris cited a bipartisan budget report that says former President Trump's plan would “drastically defund Social Security” during a campaign stop on Monday, eliminating the income tax on Social Security benefits. He criticized former President Trump's proposal to do so.
The Committee for a Responsible Federal Budget (CRFB), a nonpartisan policy think tank, A report has been published Monday claimed that President Trump's “removal of taxes on Social Security benefits, elimination of taxes on tips and overtime pay, imposition of tariffs, and expansion of deportations will all widen Social Security's cash deficit.” .
“What I think most of us know is that there are so many seniors in this country that their Social Security checks are their only source of income,” Harris said Monday. , he spoke in Michigan, where he stopped for campaigning. “Paying rent, groceries and everything else is all and only thing they have to survive. So we have to protect Social Security.”
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kamala harris and donald trump (Getty Images)
The policy think tank also found that if elected president, Social Security's funding gap could increase by $2.3 trillion by 2035. The change would push the program's bankruptcy deadline from 2034 to 2031, meaning the next president will have to address the issue sooner than expected. . If these changes occur, the report says, people could see their benefits cut by 33% by 2035 (compared to a previously predicted 23% cut). .
Furthermore, the annual shortfall is expected to increase by approximately 50% in 2035, from 3.6% to 4% of payroll. Solving Social Security's long-term funding problems would require cutting benefits by one-third or increasing revenue by about 50%, the report suggests.
But a former Trump administration adviser who worked on Social Security policy said in an interview on Fox News Digital that “the Biden-Harris people are trying to mismanage government agencies by draining money with excessive payments.” he said.
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“I think any candidate would be afraid to touch Social Security,'' said a former adviser to President Trump. (St. Petersburg)
“And now everyone is waving their hands over pay, what do you mean? [Commissioner Martin O’Malley] “I think what they're doing is far more reckless and far more damaging to the trust fund than proposing these ideas,” the person said.
“Obviously any candidate would be very afraid to touch that,” he added. “But I also want to say, and I actually helped with some of these efforts, President Trump proposed tens of billions of dollars in savings to the Social Security program in his first two budgets. And he didn't do it by pursuing it.'' And it doesn't necessarily help the trust fund problem a lot, but it fixes the disability trust fund to some extent and controls some of the finances. It will help you get started. Somewhat. “
Harris later told CNN that Trump is “hostile” to “the concept and purpose of Social Security” and that it would be “catastrophic” if the SS Trust Fund failed in the next few years. He said he was deaf.
Meanwhile, Trump campaign spokeswoman Caroline Leavitt said in an email response:
“President Trump made good on his promise to protect Social Security and Medicare in his first term and will continue to strongly defend Social Security and Medicare in his second term. The only candidate who poses a threat to Social Security's solvency is Kamala Harris, Liberal – The mass influx of millions of illegal aliens, if allowed to stay, could unleash America's energy, cut job-killing regulations, and boost growth. It would distort and destroy Social Security by introducing pro-America-first taxes and trade. With these policies, President Trump will quickly rebuild the greatest economy in history, put Social Security on a stronger footing for generations to come, and at the same time increase taxes on Social Security for America's deserving seniors. will be abolished. ”
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Former President Trump participates in a FOX News Town Hall with Sean Hannity at New Holland Arena in Harrisburg, Pennsylvania on September 4, 2024. (Kevin Dietsch/Getty Images)
The Social Security Trustees' annual report in the summer said the Old Age and Survivors Insurance (OASI) Trust Fund is on track to reach bankruptcy in 2033. allowances will be reduced Increased by 21%.
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The United States has an aging population, with more than 67 million people receiving Social Security benefits. And because the older Americans are, the more likely they are to vote, many politicians avoid discussing reform of the system altogether.
But without reform, the same Americans who currently receive Social Security benefits, especially those who rely on them, will face significant threats to their incomes in 2033.
Fox Business' Breck Dumas contributed to this report.
