Rejecting Trump’s proposition categorically, President Joe Biden unveiled a budget blueprint that would bolster Medicare and Social Security. One supporter of the programs declared, “Social Security is on the ballot this November.” At a rally in support of Sen. Marco Rubio (R-FL) on November 6, 2022, in Miami, Florida, at the Miami-Dade Country Fair and Exposition, former US President Donald Trump views a video of President Joe Biden performing.
On Monday, current President Joe Biden and former President Donald Trump released diametrically opposed statements regarding the future of Social Security.
In a statement, Nancy Altman, president of Social Security Works, an advocacy group promoting program expansion, stated, “Make no mistake: Social Security is on the ballot this November.”
If Congress does not take action, Social Security and Medicare will have to reduce benefits over the next ten years due to funding shortages.
The program’s trustees predicted last year that Social Security’s combined reserves would run out in 2034, at which point 80% of payouts may be payable. Medicare Part A is covered by the Medicare hospital insurance fund, which might run out in 2031.
What we know about Trump’s stance on Social Security
Trump has largely opposed reforms to Social Security in comments given during his campaign, claiming that they would harm senior Americans.
On the other hand, Trump stated in a Monday interview with CNBC that cutting back on program expenditure would be one approach to strengthen the federal budget. “There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and bad management of entitlements,” Trump stated.
As president, Trump presented a budget proposal in 2020 that included projected $71 billion in program cuts, along with modifications that some supporters said would make it harder to continue receiving disability benefits.
Social Security has come under fire for overpayment issues that have left recipients with debt to the government. Democrats have maintained that in order to solve those issues, the underfunded agency requires more funding.
Republicans, however, have pushed the Social Security Administration to make more use of the resources at its disposal.
