President Trump has reassured that he will not cut Social Security, emphasizing his commitment to protect benefits for older Americans. He stated during his campaign that he will not reduce funding for Social Security or Medicare. However, the program faces long-term challenges due to a shortage of payroll tax revenue as the baby boomer generation retires. Trust funds currently allow for benefit payouts, but future cuts may become necessary if revenue doesn't stabilize.
President Trump has been accused of having it in for Social Security. In spite of that, he's promised to keep the program intact for older Americans.
Trump even went on to say, 'I will not cut one cent from Social Security or Medicare...I kept my promise for four years and I will keep it again.'
The reason Social Security is at risk of making cuts has to do with an incoming shortage of payroll tax revenue. As baby boomers retire in droves, Social Security will be stripped of some of the critical revenue it needs to keep up with benefits at their current level.
Thankfully, Social Security has trust funds it can tap for a period of time to avoid a near-term reduction in benefits.
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