President Joe Biden’s reelection campaign is taking aim at billionaires who support former President Donald Trump, accusing them of wanting to modify Social Security, a key issue in the 2024 campaign. Specifically, the campaign called out hedge fund founder John Paulson and Susquehanna International Group co-founder Jeff Yass for their suggestions to change the Social Security system.
During a 2018 discussion at New York University, Paulson made the argument for switching to a defined contribution from a defined benefit Social Security model. Yass, in a 2019 Wall Street Journal op-ed, proposed giving workers the option to shift 10% of their paycheck away from Social Security and into a personal stock investment fund. Yass, who recently met with Trump, is expected to make a significant donation to his campaign.
Biden and his campaign have repeatedly accused Trump of wanting to cut Social Security and Medicare, citing comments Trump made during a CNBC interview where he mentioned the possibility of cutting entitlements. However, Trump later walked back those comments, stating he would never do anything to harm Social Security or Medicare.
In response to the Biden campaign’s attack, a Trump campaign spokesperson dismissed the accusations, stating that the Biden campaign is upset because they have been outplayed. Meanwhile, Paulson is hosting a fundraiser for Trump with tickets priced up to $815,000 per person. The fundraiser has raised $43 million and will support Trump’s campaign apparatus, the Trump 47 Committee.
Biden currently holds a cash advantage over Trump, having nearly doubled his fundraising numbers in February. However, Trump appears to be gaining support from big-monied donors. Oracle’s Larry Ellison is reportedly considering a significant donation to Trump’s campaign, while Citadel hedge fund founder Ken Griffin and JPMorgan Chase CEO Jamie Dimon have also spoken positively about the former president.
The Trump campaign and the Republican National Committee, which have effectively merged following Trump’s nomination, raised $65.6 million in March and have $93.1 million in cash on hand. With the 2024 campaign heating up, the battle between Biden and Trump is intensifying, with Social Security and entitlement programs becoming key issues for both candidates. The support of wealthy donors, such as Paulson and Yass, could play a significant role in shaping the outcome of the election.
