Social Security benefits may face a 21% cut by 2033 if the trust fund isn't addressed, potentially doubling the elderly poverty rate and reducing median senior income by nearly 14%. While Congress is urged to act, executive measures could mitigate the impact by capping benefits for higher earners, ensuring no retiree falls into poverty. If the fund depletes, legal challenges may arise regarding promised benefits.
A nonpartisan budget group warns that Donald Trump's campaign proposals could make Social Security insolvent in just six years, accelerating its depletion timeline and increasing its cash shortfall by trillions. While both Trump and Kamala Harris claim to protect the program, Trump's tax cuts and immigration policies may significantly impact its finances. The findings highlight the urgent need for detailed reform plans from both campaigns as the funding depletion dates approach.
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