America\u2019s next president, and the class of senators elected this November, seem all but guaranteed to face the politically perilous task of addressing Social Security\u2019s imminent insolvency before the end of their term. For that, they can thank President Trump.<\/p>\n
On Tuesday, the program\u2019s trustees\u00a0confirmed<\/u><\/a>\u00a0that its Old Age and Survivors Insurance trust fund is now set to run out of money in 2032 \u2014 one year earlier than they previously projected. If policymakers fail to act before then, more than 70 million beneficiaries will face an automatic 22% benefit cut.<\/p>\n Why did the deadline for action move up? Largely because of Trump\u2019s\u00a0costly tax cuts<\/u><\/a>. The president\u2019s One Big Beautiful Bill Act created a large new deduction for seniors, which\u00a0put a major dent<\/u><\/a>\u00a0in one of Social Security\u2019s major revenue sources \u2014 the income taxes on benefits paid by higher-income beneficiaries. His restrictionist immigration policy has also reduced revenue coming into the program from payroll taxes paid by foreign-born workers.<\/p>\n Social Security had, of course, been running unsustainable annual budget deficits long before Donald Trump took office. But his actions ensured the clock will run out on this once-in-a-generation budget time bomb before the end of his successor\u2019s first term, and likely when they\u2019ll be in the midst of a re-election campaign.<\/p>\n The post Ritz for Forbes: Trump Is Leaving His Successor A Social Security Time Bomb<\/a> appeared first on Progressive Policy Institute<\/a>.<\/p>\r\nRead more in Forbes<\/a><\/h4>\n
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Source link www.progressivepolicy.org<\/a>\r\n
America’s next president and newly elected senators will likely confront Social Security’s looming insolvency, now set for 2032\u2014one year earlier than expected\u2014due to President Trump’s policies. Recent confirmation from the program’s trustees reveals that failure to act could lead to a 22% benefit cut for over 70 million beneficiaries. Trump’s significant tax cuts, particularly the One Big Beautiful Bill Act, reduced revenue from income taxes on higher-income beneficiaries, while his immigration policies further diminished payroll tax contributions from foreign workers. These issues, compounded by pre-existing budget deficits, create a pressing challenge for future leaders.","protected":false},"excerpt":{"rendered":"America\u2019s next president, and the class of senators elected this November, seem all but guaranteed to face the politically perilous task of addressing Social Security\u2019s imminent insolvency before the end of their term. For that, they can thank President Trump. On Tuesday, the program\u2019s trustees\u00a0confirmed\u00a0that its Old Age and Survivors Insurance trust fund is now set to run out of…","protected":false},"author":44,"featured_media":2705,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_analytify_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/posts\/2704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/comments?post=2704"}],"version-history":[{"count":0,"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/posts\/2704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/media\/2705"}],"wp:attachment":[{"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/media?parent=2704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/categories?post=2704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wokeantifa.org\/topics\/wp-json\/wp\/v2\/tags?post=2704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}