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.
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)
Greedy Geezers?
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.
2010? Really?
Really! Nearly a trillion saved, even as benefits were expanded. Resulting in very high Medicare beneficiary satisfaction today.
Opposed by the GOP, of course, so they could try and wring political advantage out of attacking the "cuts."
Now the GOP wants to defund Social Security. Par for the course.
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?
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!
When we in the Office of the Chief Actuary receive a request from one entity for an estimate regarding a proposal made by another entity, our policy is to ask the entity who made the proposal if they would like us to prepare an estimate for them directly. I am not aware that anyone has proposed the hypothetical legislation you describe. Therefore, I am answering your questions here based on the specifications you have provided.
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.
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!
I suspect his ball washers will defend this.
When we in the Office of the Chief Actuary receive a request from one entity for an estimate regarding a proposal made by another entity, our policy is to ask the entity who made the proposal if they would like us to prepare an estimate for them directly. I am not aware that anyone has proposed the hypothetical legislation you describe. Therefore, I am answering your questions here based on the specifications you have provided.
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.
You realize that the letter says that no one is proposing this idea.
Yeah, but he was also going to roll out a big immigration plan that was going to make a lot of people very happy, and a beautiful health care plan, too. Both should have been here by now. Why does anyone take anything this guy says seriously anymore? Trump doesn't even try to be believable anymore. He's got a very frazzled army of staff behind him, doing the clean up while he merrily makes up his wildest "if I were king of the world" plans.
Odd that you would mention it : (mother jones)
Seriously, We Should Get Rid of the Social Security Payroll Tax – Mother Jones
SSA's scoring of Democratic proposals which use the general fund :
https://www.ssa.gov/oact/solvency/JLarson_20200715.pdf "All of these costs would be reimbursed from the General Fund of the Treasury on an annual basis. "
They say nothing of the sort. They merely point out no one has introduced legislation yet. But Trump has indeed publicly said he intends to permanently eliminate the payroll tax next year if re-elected.
Since the GOP platform is now officially to support whatever Trump wants, legislation will undoubtedly be forthcoming if the GOP has any power next year. Hopefully they will not.
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.
I did mention that both parties have borrowed the money, but I do not think one party or the other was more guilty. In the end, the government took the money WE put in to help defray the cost of the programs and now the GOP just wants to say, so what, it has been spent and we are not going to pay it back as well as stopping the taxes so we can close down the entire programs. Tough sh*t for all of those who depend on the programs.
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