A new analysis released Monday projected that former President Donald Trump’s policy agenda could deplete Social Security’s funds sooner than expected, with the programs potentially running out of cash in just six years. Trump and the Republican Party have publicly vowed not to cut Social Security or Medicare, but Democrats have seized on comments Trump made in March suggesting he was open to cutting them. Trump’s campaign argued that he did not mean to imply he wanted to cut entitlement programs, focusing instead on cutting waste.
One of Trump’s proposals is to eliminate the tax on Social Security benefits that many seniors pay, but experts believe this would speed up the timeline for Social Security becoming insolvent. Coupled with other Trump proposals, this could mean Social Security runs out of cash even quicker, with the Committee for a Responsible Federal Budget projecting this could happen by fiscal year 2031. Tax experts also project that Trump’s proposed tax cut on Social Security would not provide much benefit to middle-class Americans, with most of the savings going to the wealthy.
While Vice President Kamala Harris has championed Social Security and supported it without proposing any cuts, Trump’s campaign has raised concerns about her immigration agenda impacting the program. Leavitt suggested that if undocumented immigrants are allowed to stay, this could cause Social Security to collapse. However, experts argue that it is Trump’s plan for mass deportations that would actually harm the program, as undocumented immigrants contribute to Social Security without being able to receive benefits. The office of the Social Security Administration’s chief actuary has estimated that undocumented immigrants contributed approximately $12 billion to Social Security in 2010.
Harris has not yet unveiled a specific proposal for Social Security, but she has co-sponsored legislation to expand the program, including increasing benefits for some beneficiaries and changing how cost-of-living adjustments are calculated. Democrats have pointed to Project 2025, a policy agenda that proposes reforms to Medicare, to suggest that Trump would cut Social Security and Medicare if elected. However, the Trump campaign has disavowed any connection to Project 2025, and Trump would not be obligated to follow its policies if elected.
The economy, including Social Security, has become a central issue in the November election. Trump has highlighted his plan to repeal Social Security taxes on the campaign trail, while the left has criticized him for his Social Security views. As the election approaches, the debate over the future of Social Security and Medicare continues to be a key issue for voters.
