‘Weakening’ Social Security
When the “Squawk Box” host suggested “there’s not a whole lot of difference between” Trump and Biden’s plans for entitlements, the Republican front-runner said: “I don’t necessarily agree with the statement.”
Since he’s not currently in office, all the former president could do was point fingers at the Biden administration’s current efforts: “I know that they’re going to end up weakening Social Security because the country is weak.”
To back that claim, Trump highlighted how sky-high inflation has eaten away at the American people’s purchasing power.
“People are going through hell,” he said. “The middle class in our country has been routed. The middle class largely built our country and they have been treated very, very badly with policy.” However, as NBC noted, Trump has been "all over the map" on Social Security.
After Trump hinted he would make changes to the nation’s entitlement policies, President Biden immediately clapped back on X, formerly known as Twitter, with a four-word warning: “Not on my watch.”
This echoes comments the president made in his State of the Union speech on March 7: “Many of my Republican friends want to put Social Security on the chopping block. If anyone here tries to cut Social Security or Medicare or raise the retirement age I will stop them.”
“Working people who built this country pay more into Social Security than millionaires and billionaires do. It’s not fair. Republicans will cut Social Security and give more tax cuts to the wealthy… I will protect and strengthen Social Security and make the wealthy pay their fair share.”
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The cost of entitlements
Social Security currently accounts for 22% of government spending, according to U.S. Treasury data. It is the largest category of federal spending, along with health care — and it is drawing a lot of critical eyeballs amid the nation’s $34 trillion debt crisis.
Deficits in the program are projected to increase as more baby boomers retire and swell the ranks for Social Security recipients. The number of Americans in that age and retirement bracket is projected to grow from about 58 million in 2022 to about 75 million by 2035.
As of January 2024, there were almost 67.2 million Social Security claimants, receiving an average monthly benefit of $1,770, according to SSA data. That equates to average annual assistance of $21,240 per claimant.
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