“Nothing in Mr. Bisignano’s career suggests that he understands the unique needs of older and disabled Americans,” said the Alliance for Retired Americans’ leader.
Critics of U.S. President-elect Donald Trump’s pick to run the Social Security Administration, Frank Bisignano, warned this week that the Wall Street veteran may not be the best choice to run an agency that provides one of America’s most important social safety nets.
“President-elect Trump has nominated financial software CEO and GOP donor Frank Bisignano to head the agency that administers Social Security benefits for some 70 million Americans. If confirmed, Bisignano will be accountable—not to corporate boards or stockholders—but to the American people, who depend on their Social Security benefits and pay for them over a lifetime of work,” said Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, in a Thursday statement.
Argentine president Javier Milei. Photo: Mídia NINJA/CC
As the world absorbs the shockwave of Donald Trump’s win in the US presidential election, the playbook for his second term, designed by a handful of right-wing extremists, is already underway in Argentina.
Project 2025 is set out in a nearly 900-page ‘Mandate for Leadership: The Conservative Promise’, produced by the Heritage Foundation, a rightwing US think tank, as a ready reckoner for the incoming Trump administration. It details authoritarian tactics that exist in various parts of the world, from attacking public education to dismantling policies to tackle climate change to restricting the rights of women, LGBTIQ+ people, migrants, workers and Black people. But if there is one country already trying some of Project 2025’s most extreme policies to weaken the state and render the enjoyment of rights obsolete, it is Argentina.
The Committee for a Responsible Federal Budget estimated that Republican nominee Donald Trump’s campaign proposals “would dramatically worsen Social Security’s finances.”
Republican nominee Donald Trump’s claim that he wants to “fight for and protect Social Security” was called into further question Monday after a conservative think tank released an analysis projecting that the former president’s economic proposals and mass deportation plan would significantly damage the New Deal program’s finances.
The new analysis from the Committee for a Responsible Federal Budget (CRFB) specifically focuses on Trump’s proposals to end taxes on tips, Social Security benefits, and overtime pay; implement sweeping tariffs on imports; and launch what he’s described as the “largest domestic deportation operation in American history.”
The think tank projected that, if enacted, Trump’s agenda would “increase Social Security’s 10-year cash shortfall by $2.3 trillion through FY 2035” and “lead to a 33% across-the-board benefit cut in 2035, up from the 23% [the Congressional Budget Office] projects under current law.”
Trump’s plans would also “increase Social Security’s annual shortfall by roughly 50% in FY 2035” and “advance insolvency by three years, from FY 2034 to FY 2031.”
“Trump has said he would close Social Security’s long-term shortfall by increasing drilling for oil and natural gas and by growing the economy,” the analysis notes. “However, we’ve shown that increased energy exploration is unlikely to have a meaningful effect on Social Security—even if the gains were deposited into the trust fund. We’ve also shown that it would require unrealistically fast economic growth to close Social Security’s existing long-term funding gap.”
Social Security Works (SSW), a progressive advocacy group that supports expanding the New Deal program, highlighted CRFB’s analysis in a social media post on Monday, writing, “Donald Trump plans to slash $2.3 TRILLION from Social Security while giving massive tax handouts to Wall Street billionaires.” (The Social Security Works Political Action Committee has endorsed Democratic nominee Kamala Harris for the presidency.)
SHAMEFUL: Donald Trump's plans to slash Social Security by $2.3 TRILLION!
Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare—which endorsed Harris in July—said it is “not surprising that Donald Trump’s ill-conceived plans would devastate the financial health of Social Security and lead to huge benefit cuts.”
“Trump’s plans are of a piece with his overall recklessness with Social Security. He suspended the payroll tax that funds the program during Covid—and hoped it would be eliminated,” said Richtman. “His White House budgets would have slashed Social Security Disability Insurance (SSDI) by billions of dollars. He said earlier this year that he was ‘open’ to ‘cutting entitlements,’ then tried to walk it back. He once called Social Security a ‘Ponzi Scheme.’ Time and again, Trump has chosen political expediency without considering—or caring about—the consequences. Despite his posturing, Donald Trump is no friend to Social Security or American seniors.”
In a footnote of its analysis, CRFB states that Harris’ proposals thus far “would not have large effects on Social Security trust fund solvency.”
The Harris campaign quickly seized on CRFB’s findings. Joseph Costello, a spokesperson for the Harris campaign, said in a statement Monday that “Donald Trump’s agenda poses an imminent threat to Social Security, and seniors could have their benefits cut by a third.”
“This is yet another reason that Americans simply cannot afford the risk of another Trump term, where he would pursue unchecked power to use his Project 2025 agenda to hurt the American people,” said Costello. “Vice President Harris is committed to protecting Social Security benefits and is the only candidate who will actually fight for seniors, not just pay them lip service on the campaign trail.”
According to the latest report from Social Security’s Board of Trustees, the program is currently positioned to fully pay all benefits and administrative costs until 2035. Thereafter, even if Congress does nothing to shore up the program, it would be able to pay 83% of scheduled benefits.
To bring in more revenue and ensure Social Security’s solvency through the end of the century, progressives in Congress have called for raising or scrapping the payroll tax cap, which allows the rich to stop contributing to the program just weeks into each year while ordinary Americans pay in year-round.
The Harris campaign has broadly signaled support for that approach, saying in its economic policy platform that the Democratic nominee would “shore up Social Security and Medicare so that these essential programs will stay solvent in the long run by making corporations and the wealthiest Americans pay their fair share in taxes.”
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“The ultra-wealthy are avoiding nearly $2 trillion in taxes every 10 years,” said Sen. Ron Wyden. “That’s where we ought to go to start making progress.”
The Democratic chair of the Senate Finance Committee said during a hearing Wednesday that instead of tossing Social Security’s sacred guarantee “in the trash” by cutting benefits, lawmakers should crack down on mega-rich tax dodgers as a way to keep the New Deal program fully solvent for decades to come.
“The ultra-wealthy are avoiding nearly $2 trillion in taxes every 10 years,” Sen. Ron Wyden (D-Ore.) said during a Senate Budget Committee hearing. “That is enough to keep Social Security whole till the end of this century.”
Speaker of the House Mike Johnson speaking with attendees at the Republican Jewish Coalition’s 2023 Annual Leadership Summit. Photo: Gage Skidmore/flickr/CC
With much of the public’s attention on the looming presidential election and high-stakes jockeying over who will take on Donald Trump in November, congressional Republicans in recent weeks have provided a stark look at their plans for federal spending should their party win back control of the presidency and the Senate.
The appropriations process for Fiscal Year 2025, which begins in October, is currently underway, with congressional committees engaging in government funding debates that are likely to continue beyond the November elections.
Javier Milei, President of Argentina speaking at the World Economic Forum Annual Meeting in January 2024. Photo: World Economic Forum/flickr/CC
Argentina’s far-right president Javier Milei secured early this morning his first major win in office, with the country’s lower chamber passing the first of his landmark regressive reforms. Congress’s approval of the so-called Ley Bases, or the Bases Law, came weeks after the bill prompted a 13-hour debate in the upper chamber and a peaceful demonstration outside Parliament that was met with fierce police repression.
The legislation – which is a key part of Milei’s anarcho-liberal government plan – promotes investment in extractive industries, such as forestry, construction, mining, energy and technology. It includes a Large Investment Incentive Scheme (RIGI, by its Spanish acronym) that will grant extractive investment projects worth at least $200m lower income tax, authorise them to import fixed capital and tax only their exports in the first three years.
Leaders of the new alliance vowed to “extinguish the flame” of Marine Le Pen’s far-right party and make a “total break” from President Emmanuel Macron’s anti-worker policies.
France’s left-of-center parties announced on Thursday a new alliance aimed at countering both the ultranationalism of Marine Le Pen and the neoliberalism of President Emmanuel Macron in parliamentary elections that Macron called unexpectedly on Sunday.
The new alliance, called the Nouveau Front Populaire (NFP), formed following days of intense negotiations as several parties, most notably the center-left Parti Socialiste (PS) and the left-wing La France Insoumise (LFI), joined forces to put forth a common platform and avoid competing candidates in races for the 577 seats in the National Assembly.
“We are not going to allow them to take even one step back,” one protester said as far-right political leaders set their sights on the European Union elections.
Dozens of people protest during a rally against the “Viva 24” event in Madrid, Spain on May 19, 2024. Photo: EFE Noticias/X
As European Union voters prepare for June elections, far-right leaders gathered in Madrid for a weekend rally hosted by Spain’s Vox party—a gathering at the Palacio de Vistalegre that drew protests and warnings about their plans for the continent.
Rally speakers delivered “strong messages against illegal migration and the bloc’s climate policy while declaring their support for Israel in its war against Hamas,” according to The Associated Press.
Argentina’s primary trade union federation on Thursday held another nationwide general strike, the second called since President Javier Milei, a far-right economist, took office in December and began pursuing sweeping austerity and deregulation.
The South American nation’s unions organized the strike “in defense of democracy, labor rights, and the living wage,” according to a statement from the General Confederation of Labor (CGT), the Argentine Workers’ Central Union (CTA), and the Autonomous CTA.
Jeff Bezos. Photo: Daniel Oberhaus, 2019/flickr/CC
An analysis published Friday by the renowned economist Gabriel Zucman shows that in 2018, U.S. billionaires paid a lower effective tax rate than working-class Americans for the first time in the nation’s history, a data point that sparked a new flurry of calls for bold levies on the ultra-rich.
Published in The New York Times with the headline “It’s Time to Tax the Billionaires,” Zucman’s analysis notes that billionaires pay so little in taxes relative to their vast fortunes because they “live off their wealth”—mostly in the form of stock holdings—rather than wages and salaries.
