Trump policy proposals, one minor side effect:
draining Social Security completely dry by 2031
Resulting in social security benefits cut of 33% to all recipients per current law to rebalance. Or alternatively, requiring law change to increase the social security tax rate by 50% by 2031.
2024-10-21-The Trump campaign plans would increase Social Security's ten-year cash shortfall by $2.3 trillion, make the program insolvent by 2031, increase Social Security's annual shortfall by 50 percent, and lead to a 33 percent across-the-board benefit cut by 2035.
www.crfb.org
What causes this sharply accelerated drain of Social Security fund?
- Ending taxes on social security (100% of which goes back into the program today)
- Ending taxes on tips/overtime
- Deporting millions of immigrants who pay billions each year into SS, but get nothing out of it
- (Not to mention the step change increase in inflation/costs from revisiting depression-era tariff wars)