Larson: If Trump Has His Way, Social Security Would be Eliminated by 2023
Hartford, CT – Today, House Ways and Means Social Security Subcommittee Chairman John B. Larson (CT-01) released the following statement after Social Security Administration Chief Actuary Stephen Goss released an analysis, requested by Senate Democrats, based on the impact of eliminating the payroll tax completely. This is something President Trump has proposed twice. The analysis found that the Social Security Disability Insurance Trust Fund would be permanently depleted by mid-2021 and the Social Security Old Age and Survivors Insurance Trust Fund would be permanently depleted by mid-2023.
“Donald Trump has stated twice now (see here and here) his intent to terminate the payroll tax, effectively defunding Social Security. This week, the Social Security Chief Actuary released an analysis that should sound the alarm and give every American pause. If the payroll tax is terminated like the President has said he wants to do, Social Security Disability benefits would dry up in 2021, leaving people with disabilities (including thousands of veterans) in the lurch. Social Security retirement and survivors benefits would be gone in just three years, by mid-2023. By doing this, he would achieve an age-old goal of the far-right to eliminate Social Security.
“This should be a wakeup call for all Americans. Every American needs to read this report! If we don’t stop President Trump’s plan, Social Security will be gone in just three years.
“President Trump’s plan would be catastrophic for the 64 million current beneficiaries, the 10,000 Baby Boomers who become eligible for Social Security every day, and the millions of Millennials who will be relying on Social Security more than their parents.
“Last week, Rep. Joe Kennedy and I with 145 other Democrats, raised serious concerns about the President’s executive action deferring the payroll tax and his pledge to terminate the payroll tax altogether after the election, essentially defunding Social Security. We demanded that the President abandon this wrong-headed plan. Democrats are working to expand benefits to people who need them the most during the pandemic: seniors and people with disabilities. More than 200 House Democrats are working to strengthen and expand Social Security for current and future beneficiaries with the Social Security 2100 Act. Now is not the time to cut and defund Social Security, now is the time to expand it,” said Larson.