Both Democratic contender Kamala Harris and Republican nominee Donald Trump have pledged to keep Social Security benefits from being cut.
But neither has presented a strategy to restructure the program before the trust money runs out. The CRFB said in its study that
Trump’s proposal to stop taxing Social Security payments would result in lower revenue collections, delaying the trust fund’s insolvency date by more than a year, until early 2032.
“It is an egregious example of fiscal irresponsibility that both major party presidential candidates have no meaningful plan to save Social Security from insolvency,
” CRFB President Maya MacGuineas said in a statement to FOX Business last week. “In less than a decade, Social Security will face insolvency,
and the automatic benefit cuts that follow will mean the average dual-income couple will have $16,500 less per year than if our nation’s leaders had taken this issue seriously.”
