“Trump’s disastrous plan to defund Social Security would eliminate retirement and disability benefits by 2023,” said Sen. Bernie Sanders. “That may make sense to the billionaires at Trump’s country club, but it makes zero sense to me.”
The Social Security Administration’s chief actuary estimated late Monday that eliminating the payroll tax would fully deplete Social Security’s disability and old-age trust funds by 2023, confirming the disastrous consequences progressive advocacy groups and lawmakers have been warning of since President Donald Trump threatened earlier this month to “terminate” the levy if reelected in November.
In a letter (pdf) to Sens. Chris Van Hollen (D-Md.), Bernie Sanders (I-Vt.), Ron Wyden (D-Ore.), and Senate Minority Chuck Schumer (D-N.Y.), SSA chief actuary Stephen Goss wrote that scrapping the payroll tax would “permanently” deplete the Disability Insurance trust fund by mid-2021 and the Old Age and Survivors Insurance trust fund by mid-2023 “with no ability to pay” the benefits afterward. Continue reading