October 21, 2024

Statement by Retiree Leader Richard Fiesta on Report that Donald Trump’s Plans Cut $2.3 Trillion from Social Security

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding today’s Washington Post article about the effects of Donald Trump’s proposals on Social Security’s budget.

“Today a conservative think tank released an alarming report showing that Donald Trump’s tax and budget proposals would cut $2.3 trillion from the Social Security Trust Fund over the next 10 years.

“Donald Trump has talked about his interest in cutting Social Security for years and promises to double down on tax cuts for the wealthiest Americans and corporations. That’s a bad combination for seniors who rely on their earned benefits.

“Older Americans will pay a high price if he is re-elected. Today’s report found that once his policies are enacted all Social Security beneficiaries would face a 33% automatic benefit cut starting in 2035.

“In addition, if Trump’s high tariffs drive inflation higher as economists project, Social Security will have to pay out more in benefits because of automatic cost-of-living adjustments based on the inflation rate.

“Americans paid for and earned their Social Security benefits over a lifetime of work. To ensure Social Security is there for current and future generations, seniors need to elect Kamala Harris and reject Trump’s dangerous schemes.”

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Contact: David Blank, dblank@retiredamericans.org