From Nasdaq: 2025-05-11 15:12:00

During his 2024 U.S. presidential campaign, Donald Trump promised not to cut Social Security benefits for seniors, but the program is facing a funding shortfall. The Old-Age and Survivors Insurance Trust Fund is expected to run out of money in eight years, resulting in benefit cuts. Trump’s focus on eliminating fraud and cutting costs won’t solve the issue. Proposed solutions may include benefit cuts, higher taxes, or a longer wait for benefits. Trump’s proposal to stop taxing Social Security benefits could worsen the situation, necessitating urgent action from Congress to prevent benefit cuts.

Nearly 60 million American seniors rely on Social Security, but the program is facing a funding shortfall that could lead to benefit cuts within eight years. The trust fund ended 2024 with $2.54 trillion but is projected to run out of money by 2030. Proposed solutions include benefit cuts, higher taxes, or a longer wait for benefits. Trump’s focus on fraud prevention and cost-cutting won’t address the issue, and his proposal to stop taxing Social Security benefits could worsen the situation. Congress must act now to prevent benefit cuts for seniors who depend on Social Security.



Read more at Nasdaq: President Trump Promised Not to Cut Social Security Benefits. Here’s Why He’s in Danger of Breaking His Commitment.