Donald Trump has a Social Security problem

Social Security has been the foundation of millions of Americans' financial means for generations. Paying out billions in retirement and welfare funds each year, the program has endured since the Social Security Act was signed into law by President Franklin D. Roosevelt in 1935, following the worst financial crisis of the 20th century .

But as Donald Trump prepares for his third bid for the White House in November's presidential election, experts have warned that his comments about the nation's largest social insurance program could come back to haunt him after suggesting in an interview this month that he might be open to cuts.

“So, first of all, there's a lot you can do in terms of entitlements, in terms of reductions,” Trump said of Social Security and Medicaid during a March 11 call on CNBC's Squawk Box. Also in terms of theft and mismanagement of rights – very poor management of rights – there are an enormous number of things and an enormous number of things that you can do. » Trump then vaguely clarified what he meant by his comments, telling the conservative news site Breitbart: “I will never do anything that would compromise or harm Social Security or Medicare.”

Trump campaign spokeswoman Karoline Leavitt later told CNN that Trump was “clearly talking about reducing waste, not entitlements.”

“President Trump kept his promise to protect Social Security and Medicare during his first term, and President Trump will continue to firmly protect Social Security and Medicare during his second term” , Leavitt said, adding, “The only candidate who poses a threat to Social Security and Medicare.” Social Security and Medicare is Joe Biden. »

However, the damage was done. His comments were sharply rebuked by the Democratic Party and its supporters. President Biden stepped in, taking to X, formerly Twitter, to promise the electorate that, if he had another term in the White House, he would not cut Social Security and Medicaid benefits.

Asked for comment, Trump's campaign team referred Newsweek to a video statement from Trump from January 2023, in which he said: “Under no circumstances should Republicans vote to cut a single penny from insurance.” sickness or Social Security to help pay for Joe Biden's reckless spending spree. “

It's easy to see why Democratic circles capitalized on Trump's most recent comments despite his subsequent comeback. Polls have consistently shown that, across party and demographic lines, the American public strongly supports Social Security. In 2022, an estimated 70.6 million Americans received money through the program.

Voters will keep a close eye on Social Security Administration (SSA) policy as the election approaches. A February poll by Redfield and Wilton Strategies found that 41 percent of Americans believe Social Security will be extremely important in determining how they vote in November. Additionally, a majority of respondents said they would oppose reducing benefits for Social Security recipients (69 percent) or raising the retirement age (52 percent).

Trump's most recent comments have “invited people to rethink the record of Trump's previous statements,” Chris Orestis, president of the retirement consulting firm Retirement Genius, told Newsweek, which could cause problems for the candidate in the future. the presidential election in the coming months. “As this election year unfolds, these statements are all on the record and will be actively used against him to rally senior votes with the warning that 'when someone tells you who they are or what he plans to do, believe it'.

Orestis is right: This is not the first time Trump has expressed support for cutting Social Security. As early as 2000, in his book The America We Deserve, Trump called Social Security a “Ponzi scheme” and advocated that Americans be allowed to “dedicate a portion of their payroll taxes to a personal Social Security account that they could own and invest in stocks and bonds.

While in office, Trump's fiscal 2021 budget approved billions of dollars in Social Security cuts for disabled seniors, despite promising in the run-up to the 2016 election that he would not reduce the amounts for any Social Security applicant.

Photo-illustration by Newsweek/Getty

Orestis points out that his track record is at odds with the communities Social Security serves. “Nothing he said or did regarding entitlements could be considered helpful to constituents who rely on these programs for their retirement income and health care,” he continued.

“Trump tried to walk back what he said, but that opened the door for the Biden campaign to position the president and the Democrats as the protectors of these programs, in opposition to Trump and the Republicans. The big question is about whether people are paying attention to it or whether it's all getting lost in the noise of our current political environment?

In terms of official policy announcements, Trump has not given a clear indication of his plans for the government agency, even in the face of a looming funding crisis that could lead to an automatic reduction in benefits over the next decade. In short, the reserves that fund the SSA could run out over the next decade unless major action is taken. According to the 2022 Social Security Trustees Report, by 2034, retirees will receive only 77% of their Social Security pension if the problem is not addressed.

The seismic challenge of how to keep the SSA solvent is a pertinent question for whoever ends up in the White House in November, its former chief operating officer told Newsweek.

James B. Lockhart, who served as SSA director of operations under former U.S. President George W. Bush and is currently a senior fellow at the Bipartisan Policy Center, said: “President Biden and former President Trump have told several times in recent years. years that they will protect social security. Neither mentions that in nine years, everyone who receives Social Security then and in the future will have their benefits cut by almost a quarter.

“Annual Social Security payments will increase from $1.3 trillion today to $2.5 trillion in 2034,” he explained. “To pay for promised benefits will require $500 billion a year. To address this for 75 years, Social Security today would need an additional $22 trillion. Given our massive deficits and the increase of our debts and our interest charges, it is extremely doubtful whether the money will be available. be available to pay these benefits.

But despite the enormity of the problem, Lockhart is pessimistic about the likelihood of Biden or Trump handling it. “With the election looming and older voters fearing Biden and Trump, neither will be able to address the huge looming Social Security deficits,” he continued.

While Biden has sought to allay fears about Social Security's looming funding crisis, he has yet to outline only limited plans to address it. According to a fact sheet released by the White House on March 11, the president rejects “any proposal to reduce benefits, as well as any proposal to privatize Social Security.” On the issue of insolvency, the same document emphasizes that “protecting Social Security should start by asking the highest-income Americans to pay their fair share.”

Finding a direct comparison between the two candidates' plans is somewhat difficult, as certified financial planner Robert Brokamp of The Motley Fool, a private financial advice and investment firm based in Virginia, points out. “It's difficult to compare President Trump's plan to President Biden's plan since, as far as I know, President Trump has not proposed one,” he told Newsweek.

“President Trump has said on occasion that he would cut welfare benefits, but he has also said on other occasions that he would not,” he continued. “However, given Republicans' general opposition to raising taxes, it is reasonable to assume that cutting benefits would be their preferred solution.”

Do you support Donald Trump or Joe Biden on their Social Security plans? You don't support either one? Are you for or against reducing benefits? Email [email protected]

Correction 03/28/24 9:45 AM ET: Poll numbers were incorrectly attributed and have been updated.

Uncommon Knowledge

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