Social Security is on the brink of collapse. Tariffs raise prices and cost jobs. The US government and independent policy organizations have disseminated information on the former for years, and the latter has been widely shared in economic literature for decades. And yet, when previous administrations implemented policies that have weakened the retirement scheme or imposed measures that doubled down on tariffs, there has been radio silence among occupants of the Fourth Estate – until now.
Trump Up Social Security
Former President Donald Trump announced this summer that he wants to obliterate taxes on Social Security benefits. While this sounds worthwhile for current retirees, estimates from the Tax Foundation suggest it would trim federal revenues by about $1.2 trillion over the next decade. Additionally, the Committee for a Responsible Federal Budget estimate Social Security’s trust fund would be drained by 2031 and trigger a 33% cut in benefits by 2035. […]
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