House Democrats are warning that Social Security could take a hit if Donald Trump is re-elected in November.
Social Security remains a hot topic of debate for both Republicans and Democrats as it faces a potential funding crisis.
Estimates suggest the Social Security Administration (SSA) will run out of funds by 2035, at which point seniors relying on retirement benefits will face a 17 percent monthly cut.
The conservative think tank Heritage Foundation released a report this week supporting raising the Social Security retirement age as a way to prevent the system from going bankrupt.
A woman stands outside the Social Security Administration building in Burbank, California, on November 5, 2020. Democratic Rep. Eric Swalwell warned about what could happen to Social Security if President Trump is re-elected.
Valerie Macon/AFP via Getty Images
“If Congress does nothing, benefits will be cut by 21% across the board starting in 2033,” the Heritage Foundation wrote to X this week.
Specifically, the think tank supports gradually raising the retirement age from 67 to 69 or 70, which supporters say would lead most Americans to work longer but preserve Social Security benefits for future generations while accounting for the increased life expectancy of Americans.
Still, many people oppose the measure because it could cause problems for the quality of life of older adults, while also ensuring that they can access Social Security benefits at a certain point.
“This is their plan: If Donald Trump becomes president, say goodbye to Social Security and plan to work into your 70s. This is their plan,” California Rep. Eric Swalwell said in response to X’s Heritage post.
Newsweek Swalwell and the Heritage Foundation could not be reached for comment on Thursday.
President Joe Biden has voiced his defense of cutting benefits, leading some Republicans to push for an increase in the retirement age.
“As long as I’m president, I will continue to strengthen Social Security and Medicare and protect them from Republican attempts to cut the benefits that Americans have earned,” Biden said earlier this year.
In his speech, the president suggested Republicans were interested in raising the retirement age and giving preferential treatment to the wealthy when it comes to Social Security benefits.
“Republicans in Congress have an entirely different vision. Their budget proposal sides with the wealthy and special interests to cut Social Security by more than $1.5 trillion, raise the retirement age, increase the cost of prescription drugs and move Medicare into a system that will increase premiums for many seniors,” Biden said.
In 2022, SSA paid Social Security benefits to 70.6 million people nationwide.
“Financing Social Security will become an increasingly important issue as the year goes on, and the program will become more difficult to fund,” said Alex Bean, a financial literacy lecturer at the University of Tennessee at Martin. Newsweek.
“Ultimately, the political divide will determine whether the fiscal issues are addressed by raising taxes or by raising the retirement age. We know that every proposed reform of Social Security has been met with scorn from voters in opinion polls. Even if raising the retirement age were necessary, it would be difficult to implement without some political backlash.”
The program is facing a funding crisis as more baby boomers retire and younger workers pay a smaller share of the tax bill.
“Many baby boomers don’t have much money saved yet and are more likely to find themselves in a bind,” Patrick Misch, CEO of assisted living platform SilverStay, previously said. Newsweek“Living on Social Security income alone is a struggle to make ends meet.”
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Newsweek is committed to challenging conventional wisdom, seeking common ground and finding connections.
