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Diogenes

Diogenes

Nemo me impune lacessit
The Social Security trust funds will be insolvent by Fiscal Year (FY) 2034, according to projections by the Congressional Budget Office (CBO), at which point the law calls for a 23 percent cut in benefits.

Restoring solvency over the next 75 years would require the equivalent of reducing all future benefits by 24 percent or increasing revenue by 35 percent.

Vice President Kamala Harris has said she would “protect Social Security” and former President Donald Trump has said he would “fight for and protect Social Security.”

Unfortunately, Trump’s campaign proposals would dramatically worsen Social Security’s finances.

Trump’s proposals to eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits.

Trump’s agenda would:

  • Increase Social Security’s ten-year cash shortfall by $2.3 trillion through FY 2035.
  • Advance insolvency by three years, from FY 2034 to FY 2031 – hastening the next President’s insolvency timeline by one-third.
  • Lead to a 33 percent across-the-board benefit cut in 2035, up from the 23 percent CBO projects under current law.
  • Increase Social Security’s annual shortfall by roughly 50 percent in FY 2035, from 3.6 to 4 percent of payroll.
  • Require the equivalent of reducing current law benefits by about one-third or increasing revenue by about one-half to restore 75-year solvency.

crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security
 
The Harris Administration said:
The Social Security trust funds will be insolvent by Fiscal Year (FY) 2034, according to projections by the Congressional Budget Office (CBO), at which point the law calls for a 23 percent cut in benefits.

Restoring solvency over the next 75 years would require the equivalent of reducing all future benefits by 24 percent or increasing revenue by 35 percent.

Vice President Kamala Harris has said she would “protect Social Security” and former President Donald Trump has said he would “fight for and protect Social Security.”

Unfortunately, Trump’s campaign proposals would dramatically worsen Social Security’s finances.

Trump’s proposals to eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits.

Trump’s agenda would:

  • Increase Social Security’s ten-year cash shortfall by $2.3 trillion through FY 2035.
  • Advance insolvency by three years, from FY 2034 to FY 2031 – hastening the next President’s insolvency timeline by one-third.
  • Lead to a 33 percent across-the-board benefit cut in 2035, up from the 23 percent CBO projects under current law.
  • Increase Social Security’s annual shortfall by roughly 50 percent in FY 2035, from 3.6 to 4 percent of payroll.
  • Require the equivalent of reducing current law benefits by about one-third or increasing revenue by about one-half to restore 75-year solvency.

crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security
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This could be fixed by doing two things:

Stop allowing Congress to borrow money from the account to pay for shit.

and,

Privatize a portion of the funds going in like the government and corporations do with their 401K (Government Thrift Savings Plan) programs so it earns a far better return on investment.

We'll never see a moron Progressive Leftist like Harris suggest that.
 
The Harris Administration said:
https://twitter.com/x/status/1848454856153215347
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R.0c0f7f2f255b0d7188ea0c2fcb0529cb


That's what you sound like...
 
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