This is not an attempt to persuade voters to choose Democratic Vice President Kamala Harris over former Republican President Donald Trump. Rather, it is a recommendation that Americans– and in this case, particularly senior citizens– listen closely to the promises being made by the Republican presidential nominee in light of his economic plans.
The former president has publicly vowed not to cut Social Security and Medicare but financial experts warn that his policy proposals — including a tax cut on Social Security payments — could make the programs run out of cash in just six years.
Those who receive Social Security benefits are currently taxed on a percentage of the funds they get each month – an amount which varies and is based on income. And Trump has dangled a carrot in front of Americans, saying he will not tax Social Security and Medicare.
Sounds great, right? However, the problem remains that, unless Congress acts, Social Security is already expected to become insolvent by 2034. So, if Trump is true to his word and exempts taxes on benefits, his economic plan would reduce that timeline, leading to Social Security and Medicare receiving $1.6 trillion less in revenue between 2026 and 2035. The result would be Medicare and Social Security becoming insolvent in 2030 and 2032, respectively.
In fact, the nonpartisan Committee for a Responsible Federal Budget says that by increasing rates on tariffs, deporting undocumented immigrants and eliminating taxes on tips and overtime – other parts of Trump’s economic plan – Social Security would become insolvent even sooner – by fiscal year 2031.
A Trump spokesperson, Karoline Leavitt, told reporters that he “will continue to strongly protect Social Security in his second term” and Vice President Kamala Harris is “the only candidate who poses a threat to the solvency of Social Security. ”
Leavitt added that Trump was only “talking about cutting waste, not entitlements” – perhaps to lessen the blow and severity of the facts. But listening carefully and employing just a modicum of common sense, there’s a lot of doubletalk. And it does not bode well for America’s seniors – not now or in the not-so-distant future.