Staff Reports
The forecast for Social Security sounds like a doomsday movie, with 51 million retirees and 6 million survivors facing an impending financial crisis. The Committee for a Responsible Federal Budget suggests that the trust fund behind these benefits could be in the red by 2032, with beneficiaries staring down the barrel of a potential 21% cut. It seems many voters are concerned, as Social Security has become the second most searched topic this election cycle, proving that Americans aren’t just worried about who’s winning “Dancing With the Stars.”
Both Donald Trump and Vice President Kamala Harris have claimed they will protect Social Security. Yet, despite the grandstanding, neither has rolled out a solid solution to tackle the $23.2 trillion funding gap projected over the next three-quarters of a century. It appears that Congress will have to get involved to amend the Social Security Act to prevent the program from going belly-up. After all, the president’s job is not just to look good in front of a crowd but to guide Congress with the urgency of a kid waiting for their birthday cake.
Trump: No tax on tips, no tax on overtime, and no tax on seniors' Social Security!
And if Harris was going to do it, she would have done it 3 1/2 years ago!
Everything she says is a lie.— Spirit of '76🇺🇸 (@Raylawlor9) September 24, 2024
Trump’s approach, backed by the Republican Study Committee’s recommendation to raise the retirement age due to increased life expectancy, takes a different tone. His campaign, like an optimistic teenager with a bright future, insists there will be no cuts to benefits or increased retirement age. He has, however, proposed ending taxation on Social Security benefits to fatten retirees’ checks — except details have surfaced suggesting this plan might backfire and put Social Security into a faster nosedive. In fact, an expert has called it “unsound and irresponsible,” predicting a $1.4 trillion revenue drop that could hasten insolvency by two years. It’s like trying to fill a bucket with holes by removing the bottom.
In a display of lateral thinking worthy of an infomercial, Trump suggested funding Social Security through oil and gas reserves. However, just 4% of the projected shortfall could be covered this way, proving once again that throwing ideas at a wall does not guarantee they’ll stick, especially when it comes to fiscal matters. He has not missed a chance to poke at the current administration’s open-border policies. Trump’s campaign cautioned seniors that Kamala Harris’ promised amnesty for the undocumented crowd could lead to their benefits being cut, a claim that, while eye-catching, doesn’t seem to be based on solid ground. After all, simple border encounters do not equate to a massive influx of permanent residents.
On the other side, Harris is backing Biden’s radical idea to eliminate the cap on payroll taxes. This would hit those earning more than $400,000 with additional taxes on their income, which is like taxing a kid for wanting a second scoop of ice cream. While this might provide temporary relief – possibly extending the trust fund’s life by 32 years according to some estimates – the idea that many would pay more into the system than they would ever collect has left experts scratching their heads. More taxes and fewer benefits? What better way to make retirement feel like a game of “Guess Who” where no one wins?
With over 50 million recipients at risk, both major parties have a collective headache ahead of them. The pressure is on for Congress to step up because, without a doubt, the fate of the Social Security trust could be a hot potato that no one wants to hold when the music stops.
