Harris claims Trump win would be 'catastrophic' for Social Security, but first term tells different tale

Vice President Kamala Harris criticized erstwhile President Trump's connection to destruct income taxes connected Social Security benefits during a run extremity connected Monday, citing a nonpartisan fund study that claimed Trump's scheme would "dramatically worsen Social Security’s finances."

The Committee for a Responsible Federal Budget (CRFB), a nonpartisan argumentation deliberation tank, published a study Monday claiming Trump's plans to "eliminate taxation of Social Security benefits, extremity taxes connected tips and overtime, enforce tariffs, and grow deportations would each widen Social Security’s rate deficits."

"What I deliberation astir of america cognize is that we person many, galore seniors successful our country, their Social Security cheque is their only shape of income," Harris said during a run extremity successful Michigan Monday. "It's everything and nan only point they person to unrecorded on: to salary rent, groceries, each of that. So we must protect Social Security."

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Kamala Harris and Donald Trump  (Getty Images)

If elected, nan argumentation deliberation vessel besides recovered that Social Security’s rate shortfall could summation by $2.3 trillion done 2035. This alteration would push nan program's insolvency day up from 2034 to 2031, meaning nan adjacent president will request to woody pinch this rumor sooner than expected. If these changes happen, group could look a 33% trim successful their benefits by 2035, compared to a 23% trim projected earlier, nan study noted.

Additionally, nan yearly shortfall is expected to emergence by astir 50% successful 2035, going from 3.6% to 4% of payroll. To hole nan semipermanent backing issues for Social Security, nan study suggests location would either request to beryllium use cuts by one-third aliases gross increases of astir 50%.

But a erstwhile Trump management advisor who worked connected Social Security argumentation told Fox News Digital successful an question and reply that "what nan Biden Harris folks are doing to mismanage nan agency is bleeding money successful complete payments."

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"Every campaigner is going to beryllium acrophobic to touch" Social Security, a erstwhile Trump advisor says. (iStock)

"And now benignant of waving everyone's complete payment, arsenic what [Commissioner Martin O'Malley] is doing, I deliberation is simply a batch much reckless and doing a batch much harm to nan spot money than proposing moreover these ideas," nan root said.

"Obviously each campaigner is going to beryllium very acrophobic to touch it," he added. "But what I will besides say, and I really helped activity connected immoderate of these, is that Trump did propose tens of billions of dollars successful savings successful nan Social Security Program mostly successful his first 2 budgets. And he did that not by going aft seniors, but he did that by trying to modernize disability. And you know, that doesn't needfully thief nan spot money rumor existent largely, but it does thief benignant of hole nan Disability Trust Fund and commencement to bring immoderate of nan finances nether power a small bit."

Harris later told CNN she believed Trump was "hostile" toward nan "notion and intent of Social Security" and that it would beryllium "catastrophic" if nan SS spot money was insolvent successful nan adjacent fewer years.

Meanwhile, Trump run spokeswoman Karoline Leavitt said successful an emailed response:

"President Trump delivered connected his committedness to protect Social Security and Medicare successful his first term, and President Trump will proceed to powerfully protect Social Security and Medicare successful his 2nd term. The only campaigner who poses a threat to nan solvency of Social Security is dangerously wide Kamala Harris – whose wide penetration of millions of forbidden aliens will, if they are allowed to stay, origin Social Security to buckle and collapse. By unleashing American energy, slashing job-killing regulations, and adopting pro-growth America First taxation and waste and acquisition policies, President Trump will quickly rebuild nan top system successful history and put Social Security connected a stronger footing for generations to come, each nan while eliminating taxes connected Social Security for America's well-deserving seniors."

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Former President Trump participates successful a Fox News Town Hall pinch Sean Hannity astatine nan New Holland Arena connected Sept. 4, 2024, successful Harrisburg, Pennsylvania. (Kevin Dietsch/Getty Images)

The yearly Social Security trustees' study complete nan summertime said nan Old-Age and Survivors Insurance (OASI) spot money is connected way to scope insolvency successful 2033, astatine which constituent benefits would beryllium cut by 21%.

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The U.S. has an aging population, much than 67 cardinal of whom person Social Security benefits. And nan older an American is, nan much apt they are to vote, truthful galore politicians awkward distant from discussing reforms of nan programme astatine all.

But if nary reforms are made, nan aforesaid Americans who person Social Security benefits now – peculiarly those who trust connected nan benefits – look a important threat to their income travel 2033.

Fox Business's Breck Dumas contributed to this report.