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No more Social Security payouts starting in 2023 under Trump's payroll tax elimination plan

Greenbeard

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Social Security's Chief Actuary confirms in a letter to members of Congress that if we permanently eliminate the payroll tax next year as Trump has proposed, the trust fund will go broke and no longer be able to pay benefits sometime in 2023.

While benefits scheduled in the law for OASI and DI are obligations, such obligations can only be met to the extent that asset reserves are available in the OASI and DI Trust Funds. The law does not provide authority for the trust funds to borrow in order to pay benefits beyond the limited authority for “advance tax transfers.” This limited authority allows all payroll tax income expected for a month to be advanced to the beginning of that month if needed to meet benefit obligations on a timely basis. Thus, under this hypothetical legislation, benefit obligations could not be met after the depletion of the asset reserves and elimination of payroll taxes.

If this hypothetical legislation were enacted, with no alternative source of revenue to replace the elimination of payroll taxes on earned income paid on January 1, 2021 and thereafter, we estimate that DI Trust Fund asset reserves would become permanently depleted in about the middle of calendar year 2021, with no ability to pay DI benefits thereafter. We estimate that OASI Trust Fund reserves would become permanently depleted by the middle of calendar year 2023, with no ability to pay OASI benefits thereafter.

That's some re-election platform!
 

DarkWizard12

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social security is an entitlement. the government will just have to fund it themselves.
 

Helix

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He has to be voted out.
 

apdst

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Social Security's Chief Actuary confirms in a letter to members of Congress that if we permanently eliminate the payroll tax next year as Trump has proposed, the trust fund will go broke and no longer be able to pay benefits sometime in 2023.



That's some re-election platform!

Hmmm! That's just proof that social security was a scam, to begin with.
 

BlueTex

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social security is an entitlement. the government will just have to fund it themselves.

The FICA taxes raise about $1.2 trillion a year... How does $2 trillion a year deficits sound?
 

BlueTex

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Hmmm! That's just proof that social security was a scam, to begin with.

The GOP should make this a priority... eliminate social security and medicare... Have the president run on this....
 

apdst

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The GOP should make this a priority... eliminate social security and medicare... Have the president run on this....

Who's going to make it a priority to fix it? Because this is how social security was intended to work.
 

Greenbeard

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Who's going to make it a priority to fix it? Because this is how social security was intended to work.

We can "fix" Trump's plan to defund Social Security by booting him out of office this November.
 

apdst

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We can "fix" Trump's plan to defund Social Security by booting him out of office this November.

There shouldn't be any need to "fund" social security. That money was supposed to be placed in a seperate fund that was only used to fund social security payments to those who paid into it. Why is that not the case?
 

Taylor

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Apparently, payroll tax cuts are only "a victory for all Americans" when Obama proposes them.
 

Drawdown

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There shouldn't be any need to "fund" social security. That money was supposed to be placed in a seperate fund that was only used to fund social security payments to those who paid into it. Why is that not the case?

That fund bought interest-bearing treasuries.
 

independentusa

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Hmmm! That's just proof that social security was a scam, to begin with.

I guess you do not know the truth, the Federal Government has borrowed over three TRILLION dollars from the fund over the years by both parties and there are documents to prove it is so. SO, the government will just have to borrow the money to pay the fund back before closing down the program. I think this might push Trump over the edge with the older voters he thinks he owns.
 

Taylor

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There shouldn't be any need to "fund" social security. That money was supposed to be placed in a seperate fund that was only used to fund social security payments to those who paid into it. Why is that not the case?
 

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Social Security's Chief Actuary confirms in a letter to members of Congress that if we permanently eliminate the payroll tax next year as Trump has proposed, the trust fund will go broke and no longer be able to pay benefits sometime in 2023.



That's some re-election platform!

The fund has been on a course for going broke for decades and Congress never does anything about it. Why are Democrats in favor of SS and Med going broke? Why isn't Nancy already on this because it was going broke anyway? Why does Nancy not think that saving these programs is important?
 

jnug

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The fund has been on a course for going broke for decades and Congress never does anything about it. Why are Democrats in favor of SS and Med going broke? Why isn't Nancy already on this because it was going broke anyway? Why does Nancy not think that saving these programs is important?

Because she did not think anybody was IDIOT enough to try to kill them much less claim to be protecting them AND THEN try to kill them.
 

Greenbeard

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The fund has been on a course for going broke for decades and Congress never does anything about it. Why are Democrats in favor of SS and Med going broke? Why isn't Nancy already on this because it was going broke anyway? Why does Nancy not think that saving these programs is important?

Weird deflection from Trump's plan to defund Social Security by 2023.
 

apdst

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I guess you do not know the truth, the Federal Government has borrowed over three TRILLION dollars from the fund over the years by both parties and there are documents to prove it is so. SO, the government will just have to borrow the money to pay the fund back before closing down the program. I think this might push Trump over the edge with the older voters he thinks he owns.

I do know that. Since the Democrats were in charge for the lion's share of that time, you should be asking them why they ****ed it up.
 

Integrityrespec

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Social Security's Chief Actuary confirms in a letter to members of Congress that if we permanently eliminate the payroll tax next year as Trump has proposed, the trust fund will go broke and no longer be able to pay benefits sometime in 2023.



That's some re-election platform!

Stop with the same old democrat scare tactics. Trump said he would 1. Defer the payroll tax from Sept. 1 until Jan. 1. 2. He would try to make the deferred taxes forgivable so that they would not have to be repaid by the taxpayers. 3. The government would cover this cost by borrowing from the general fund and replacing that money with bond issue over time with Non marketable securities. This has been done before and the democrats have been part of it.
 

Greenbeard

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Stop with the same old democrat scare tactics. Trump said he would 1. Defer the payroll tax from Sept. 1 until Jan. 1. 2. He would try to make the deferred taxes forgivable so that they would not have to be repaid by the taxpayers. 3. The government would cover this cost by borrowing from the general fund and replacing that money with bond issue over time with Non marketable securities. This has been done before and the democrats have been part of it.

Trump has promised to permanently terminate the payroll tax if he gets re-elected. Which would also eliminate Social Security's ability to pay out benefits starting in 2023.


And given that the GOP's official platform is now to support whatever Trump wants, that means Social Security is in real trouble if he wins.
 

Moderate Right

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Because she did not think anybody was IDIOT enough to try to kill them much less claim to be protecting them AND THEN try to kill them.

What? SS and Med have already been on a path of going bankrupt for decades and Nancy wasn't worried about it at all. Who said anything about anyone killing anybody?
 

Moderate Right

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Weird deflection from Trump's plan to defund Social Security by 2023.

SS and Med have been on a path of insolvency for decades and Democrats have done noting to stop it. As a matter of fact, whenever Republicans talked about saving the programs, Democrats accused them of wanting to take these programs away from the elderly and here we are yet again at election time and you guys are spouting the same ole same ole.
 

Tlrmln

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Trump has promised to permanently terminate the payroll tax if he gets re-elected. Which would also eliminate Social Security's ability to pay out benefits starting in 2023.


And given that the GOP's official platform is now to support whatever Trump wants, that means Social Security is in real trouble if he wins.

In that very video, he said it would be paid for out of the General Fund. You'd think that Democrats would support this, since the payroll tax is highly regressive.
 

Greenbeard

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SS and Med have been on a path of insolvency for decades and Democrats have done noting to stop it. As a matter of fact, whenever Republicans talked about saving the programs, Democrats accused them of wanting to take these programs away from the elderly and here we are yet again at election time and you guys are spouting the same ole same ole.

You have a short memory. The Dems passed large scale Medicare reforms a decade ago, saving the program nearly a trillion dollars since then (not to mention increasing its revenues as well). Running against those savings is what won the GOP its majority in 2010:

Ads Use Medicare Cuts as Rallying Point (2010)
WASHINGTON - The backdrops differ--a cactus for Arizona, some lovely fall leaves for Pennsylvania--but the message, delivered by a series of nervous-looking older Americans, is uniform: Democratic Congressional candidates voted for billions of dollars in cuts to Medicare (or, if they were not in office, would have) and let their constituents down.

From Florida to California, one of the most prevalent political advertisements this year accuses Democrats of slashing $500 billion from Medicare, the government health care program for the elderly, as part of the health care law passed by Congress last spring. Dozens of candidates have felt the heat.

Greedy Geezers?
In the 2006 midterm election, seniors split their vote evenly between House Democrats and Republicans. This time [2010], they went for Republicans by a twenty-one-point margin. The impact of that swing was magnified by the fact that seniors, always pretty reliable midterm voters, were particularly fired up: nearly a quarter of the votes cast were from people over sixty-five. The election has been termed the “revolt of the middle class.” But it might more accurately be called the revolt of the retired.
Misinformation about “death panels” and so on had something to do with seniors’ hostility. But the real reason is that it feels to them as if health-care reform will come at their expense, since the new law will slow the growth in Medicare spending over the next decade.

The Dems saved the program. Looks like they'll have to do the same for Social Security, again, if Trump gets a chance to take his wrecking ball to it.
 

Good4Nothin

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There shouldn't be any need to "fund" social security. That money was supposed to be placed in a seperate fund that was only used to fund social security payments to those who paid into it. Why is that not the case?

Because once the government gets its hands on money it can't help spending it immediately.
 

aociswundumho

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In that very video, he said it would be paid for out of the General Fund. You'd think that Democrats would support this, since the payroll tax is highly regressive.

Exactly. I thought progressives were all about helping poor people?

To add insult to injury, the entire social security system is a poor-to-rich transfer scheme. A kid with a net worth of zero working at McDonalds has money taken out of his paycheck and transferred to a millionaire retiree living on a golf course in Florida.

As always when dealing with progressives, the question is whether they're incredibly stupid or just plain evil. Take your pick, either one works.
 
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