8.25.25
A majority of Americans believe President Donald Trump will cut Social Security benefits during his current term, according to a new report from NerdWallet. Social Security benefits are anticipated to run out of funds for full payments by around 2033, at which point the SSA would likely only have enough to pay out roughly 80 percent of promised benefits. To change this, Congress would need to act, either changing rules around payment amounts, retirement age, earnings tax or some mix of measures. Trump previously vowed not to cut Social Security benefits when the newly created Department of Government Efficiency (DOGE) began making changes to the SSA, including a decision to slash 7,000 jobs from the agency. "Social Security will not be touched, it will only be strengthened," Trump said at the time. He also said during his 2024 presidential campaign he wouldn't "cut one cent" from Social Security or raise Americans' retirement age. However, 61 percent of Americans said they expect Social Security benefits to be cut during the current administration in NerdWallet's new survey of more than 2,000 U.S. adults conducted online by The Harris Poll.
"Americans aren't economists, but they can read the room," Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com, told Newsweek. "When you see government efficiency drives targeting every agency, including the one that manages your retirement, anxiety is rational." According to the new report, another two-thirds of Americans (64 percent) also think Medicare benefits will be reduced under the current administration. Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Republicans have said time and again they'll never touch entitlements. Yet history shows that's not entirely true. By labeling certain provisions as 'wasteful,' they've already rolled back Biden-era expansions while still claiming the core promise is intact."
www.newsweek.com
