President Franklin D. Roosevelt signs the social security act on August 14, 1935 (photo of FPG/Archive Fotos/Getty Images)
Washington President Donald Trump signed a proclamation on Thursday 90th anniversary of social security, although he offered no plans to avoid bankruptcy and a robust withdrawal in the advantages within the next decade.
Trump, who campaigned for the “rescue” of the income stabilization program for America’s seniors, said during an appearance in the Oval Office that the Republicans would keep the program going.
But neither Trump nor Republican leaders in the congress have a preceding legislation that would avoid a decline in social security benefits in 2033 or began to seriously address the problem.
“In the campaign, I made our seniors a holy promise that I would always protect social security, and under this administration we keep this promise and strengthening social security for the coming generations,” said Trump. “You keep hearing stories that will disappear social security in six years and seven years. And it will be if the Democrats ever get involved because they don’t know what they are doing.
“But it will be with us for a long time. You will be surprised to hear some of the numbers.”
“A big, beautiful” law accelerates the lack of funds
The latest social security Trustee reportPublished at the beginning of this year shows that without changes to the age and survival insurance fund from 2033, no more complete services can pay.
“At this point, the reserves of the fund are exhausted and the continued program income is sufficient to pay 77 percent of the planned services,” the report said.
However, the “large, beautiful” law of Republicans will accelerate this timeline.
Karen Glenn, chief actuary for the social security authority, wrote in a letter Published at the beginning of this month that the lower tax rates in the GOP law reduce the amount of sales that flows into the trust fund.
In combination with “increased program costs” associated with the novel law, Glenn wrote: “The date of reserve forgery for the Oasi Treuhandfonds will be accelerated from the first quarter of 2033 to the fourth quarter of 2032.”
Needed non -partisan
Republicans cannot restructure social security alone and have to negotiate with Democrats in the coming years if the legislator wants to avoid bankruptcy.
The budget reconciliation process, with which the GOP legislators have adopted their “big, beautiful bill”, cannot be used to combat social security, which makes non -partisanity the only way to avoid the benefits for the pensioners of America.
The committee for a responsible federal budget wrote in a post Published on Thursday that “solutions will be necessary shortly to prevent bankruptcy and the legally prescribed service section”.
Without a novel law to remedy the financial struggles with which the program is confronted, CRFB wrote that a (*7*).
President Franklin Delano Roosevelt signed the law issue social security On August 14, 1935.
