January 22, 2020

Trump Confirms Social Security and Medicare Cuts Will Be On the Table at the “End of This Year”

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding President Trump’s acknowledgment on CNBC that he would look to cut “entitlements” if re-elected:

“After a day of hobnobbing with billionaires in Davos, President Trump publicly revealed that cuts to earned Medicare and Social Security benefits will be on the table as soon as the end of this year. The cruel irony of this scene cannot be overstated.

“While Davos billionaires may not understand the importance of Social Security and Medicare, millions of Americans who rely on the health and retirement benefits they have earned through a lifetime of hard work do.

“Social Security and Medicare are vital for a secure retirement. Americans pay the highest prescription drug prices in the world. This burden and affording other basic necessities make it harder for retirees to make ends meet. Cutting Social Security and Medicare would be a cruel disaster.

“Social Security is the only source of income for 4 in 10 older Americans. For even more retirees, Social Security provides 90% of their income. These modest earned retirement benefits average just $1,461 per month for a retired worker.

“Retirees need help, not a slap in the face. We should be working to expand Social Security and increasing benefits for current and future retirees. This can be accomplished by making the wealthiest Americans pay their fair share by lifting the arbitrary payroll tax cap.

“We can strengthen and expand Medicare by finally reining in high drug prices, which are the biggest driver of Medicare costs. H.R. 3, the Lower Drug Costs Now Act passed by the House of Representatives last year, would save taxpayers billions of dollars, cap out of pocket drug spending at $2,000 per year for retirees and add hearing, dental and vision benefits to Medicare.

“The 4.4. million members of the Alliance for Retired Americans will make sure all retirees know what the president said today before they vote in November.”


Contact: David Blank – dblank@retiredamericans.org

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