"Donald Trump spent much of his presidential campaign pledging to implement tariffs. And he clearly made good on that promise. But another promise Trump made related to Social Security. Specifically, Trump pledged that benefits would not be cut. He also promised that he would not make changes to the program's full retirement age (FRA), and that he would put an end to federal taxes on Social Security benefits."
"The Social Security Trustees reported earlier this year that the program's combined trust funds are set to run dry by 2034. At that point, Social Security may have to cut benefits unless lawmakers are able to intervene. That insolvency date is not so far off. So while Trump certainly has not cut Social Security, he also has not taken many steps to avoid future Social Security cuts."
Trump has not implemented cuts to Social Security benefits and has not changed the program's full retirement age. The Social Security Trustees project the combined trust funds will be exhausted by 2034, which would require benefit reductions unless lawmakers intervene. Little action has been taken to extend solvency, leaving cuts increasingly likely if reforms are delayed. One policy option is to raise the full retirement age to 68 or 69 for younger workers to reduce obligations without raising taxes. Raising FRA would reflect longer life expectancies but would be politically unpopular because it forces many people to work longer.
Read at 24/7 Wall St.
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