6 hours Ago By Yash Bajaj
Former President Donald Trump has repeatedly vowed to protect Social Security and Medicare, but experts warn that his policies could drain the programs within six years. Social Security is already expected to become insolvent by 2034, but a nonpartisan budget group says the Republican nominee's plans could accelerate that timeline to as early as 2031. The nonpartisan Committee for a Responsible Federal Budget projected that exempting taxes on benefits would result in a $1.
6 trillion revenue deficit for Social Security and Medicare between 2026 and 2035. “I don’t think I’ve ever seen a plan that would have this big of a negative effect on solvency in a general election campaign,” Marc Goldwein, the committee’s senior policy director, told CNN. The number of Social Security beneficiaries has surged rapidly over the past few years, but the funds have shrunk.
The program’s combined retirement and disability trust funds are currently scheduled to run dry in 2034, leading to a 23% cut in benefits the following year, according to a Congressional Budget Office analysis. Read More: Trump Accused Kamala Of Lying About McDonald's Job. He Faces Similar Accusations Now “We find President Trump’s campaign proposals would dramatically worsen Social Security’s finances,” the CRFB budget group said in a blog post.
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' If Donald Trump's proposals were enacted, monthly payments would be reduced by 33% in 2035, the committee said. The Republican nominee's campaign slammed the report, saying that the watchdog has been “consistently wrong throughout the years.” “The so-called experts at CRFB have been consistently wrong throughout the years,” spokeswoman Karoline Leavitt said in a statement to CNBC.
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