Trump has your Social Security and Medicare in his crosshairs.
That’s right. Trump plans to defund Social Security and Medicare.
Read that one more time before you go on, especially if you are in — or approaching — your golden years of retirement. “Defund” is a word that you’ve heard a lot about in the news. But recently, all you hear from Trump and Republicans is “Biden wants to defund the police.”
Let’s nip that in the bud right now so we can talk about the real defunding catastrophe Trump has in the works if re-elected.
In a CBS interview with Norah O’Donnell, Biden said, “I don’t support defunding the police … I support conditioning federal aid to police, based on whether or not they meet certain basic standards of decency and honorableness.”
Biden’s campaign has said that it wants police departments to receive funding so they are able to provide better training to officers, equip these officers with body cameras and help them improve relationships with the communities they patrol.
There you have it — once and for all. Now let’s move on to the real defunding horror that Trump has in store for seniors.
Trump plans to terminate your Social Security income and Medicare health benefits. Period.
And no, it’s not lamestream media. He said it.
So maybe you’re not anywhere near retirement — you will be someday. But think about your retired parents and other family members who do depend on Social Security and Medicare. What if they had no income … no health insurance … could you take care of them?
Welcome to Trump’s America if he gets re-elected. By 2023, Social Security and Medicare will be gone for good.
So you may ask, how can this happen?
It’s been happening in plain sight. It’s called the Payroll Tax Cut that Trump announced in early August, which goes into effect September 1 and would last until the end of the year.
But on August 8 Trump made a vow: if he got reelected, he would permanently end federal payroll taxes, which are the taxes withheld from workers and matched by employers that fund Social Security and Medicare. “If I win, I may extend and terminate,” Trump said. “In other words, I’ll extend it beyond the end of the year and terminate the tax.”
Biden punches back.
And just to be clear, Social Security and Medicare are real entitlement programs, because working Americans are entitled to receive them. This is the money you have already earned. Through the payroll tax cut, the government has deducted a percentage from your paycheck every week. You get it back when you retire, to guarantee income and health benefits.
So for the rest of 2020, if you make less than $100,000, you are basically getting a “payroll tax vacation.” This will put more money in the pockets of cash-strapped Americans suffering from Covid economic woes.
While Trump claimed this payroll tax vacation would result in “bigger paychecks for working families,” Biden’s response highlighted a different issue. Trump threatens to “undermine the entire financial footing of Social Security,” he said, adding: “He is laying out his road map to cutting Social Security.”
The Social Security Administration’s most recent projections indicate the program’s combined trust funds will run out in 2035, at which time 79% of promised benefits will be payable.
That estimate was put out in April, however, before the pandemic had made its impact apparent. More recent estimates take current conditions into account and predict far more dire scenarios; Social Security funds now will likely run out sooner, as early as 2028.
But it could be even worse. According to Nancy Altman, president of an advocacy group called Social Security Works, Trump’s payroll tax cut, if made permanent, would defund Social Security and Medicare by 2023. The Social Security Trust Fund has $2.9 million in reserves while payroll taxes bring in $1 trillion per year.
“If he throws it until the end of 2023, then benefits will stop, because there’s not enough money in the accumulated reserve,” Altman said.
It’s time to say goodbye to Trump.
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