Former President Donald Trump talked on Monday about the possibility of him making changes to Social Security if he becomes president again.
He was on CNBC’s Squawk Box and was asked by Joe Kernen if he had any ideas about changing programs like Medicare and Social Security. He replied, “There is a lot you can do in terms of entitlement, in terms of cutting, and in terms of also the theft and the bad management of entitlements.”
Changes Might Weaken Social Security
Former President Trump believes that changes to Social Security will happen, which might make it weaker because the country is not doing well. Trump went on to say that he believes the ‘cumulative inflation’ across the country is almost 50 percent and cautioned that the middle class in the nation has suffered.
He stated that the middle class has played a big role in building the country but they’ve been treated “very, very badly” by policies. During President Joe Biden’s recent State of the Union address, he promised to protect Medicare and Social Security.
Not On My Watch
Biden said that regular workers contribute more to Social Security than the wealthy, which he thinks is unfair. Biden also criticized Republicans, saying they want to cut Social Security and give more tax breaks to the rich. The Biden-Harris HQ account on X shared a video of Trump’s recent comments and accused him of wanting to cut Social Security.
In response, the Trump War Room account tweeted, “If you losers didn’t cut his answer short, you would know President Trump was talking about cutting waste.” Biden also responded on X, saying, “Not on my watch.”
Trump’s Assurances On Social Security
In 2023, Trump talked about Social Security and denied any intentions of cutting the program. He made these comments during a town hall with Fox News’s Sean Hannity in December of that year.
Trump stated, “You don’t have to touch Social Security. We have money laying in the ground far greater than anything we can do by hurting senior citizens with their Social Security.”
Trump’s Rejects Talk Of Social Security Cuts
In 2023, Trump talked about Social Security and denied any plans to cut the program. He made these comments during a town hall with Fox News’s Sean Hannity in December of that year.
Trump said, “You don’t have to touch Social Security. We have money laying in the ground far greater than anything we can do by hurting senior citizens with their Social Security.”
America’s Oil Reserves Could Solve Everything
Trump’s plan to help save Social Security involves tapping America’s oil reserves just like Saudi Arabia does. Trump believes this will solve everything. He also added, “We have more oil and gas than they do. We can be rich again.”
Saudi Arabia is petroleum’s largest exporter. They made over $202 billion in revenue from exports in 2021, according to the Organization of the Petroleum Exporting Countries. This money helped start the Public Investment Fund (PIF) to invest in other industries and companies other than oil, thus diversifying the economy.
Trump Plans To Begin Oil Drilling From Day One
The U.S. Energy Information Agency says the U.S. is the world’s largest oil producer. In 2021, the U.S. produced about 10 million more barrels per day than Saudi Arabia.
Trump has previously said that if he’s voted president again, he will begin oil drilling in the United States from his first day in office.
Concerns About Trump’s Possible Election And Social Security
Back in January, a left-leaning advocacy group Social Security Works, which seeks to increase benefits, issued a warning about Trump’s possible reelection.
It said he “proposed cutting Social Security and Medicare every year he was president” and “tried to defund Social Security.”
Future Of Social Security Uncertain
Social Security’s future has been uncertain for a while because it costs a lot of money to run. The fund has dipped into its savings at times when there’s not enough money to cover what it pays out. If this continues, it’s predicted to run out of money by 2033.
Politicians are unlikely to let this happen since Social Security is so popular. But its insolvency problem has 2024 candidates flirting with the “third rail of American politics.”
Republican Concerns Over Social Security And Medicare
A lot of Republican voters are worried about Social Security and Medicare possibly getting slashed according to a poll by Navigator Research.
When asked about their concerns regarding Republican plans to give tax breaks to wealthy people and big companies, 61 percent of Republican participants said they were somewhat or very concerned. These plans will almost certainly lead to cuts in Social Security and Medicare.
Democrats More Concerned Than Republicans
The survey was done from February 15 to February 19 this year. Also, 1,000 registered voters from all over the country took part in it. It found that Democrats were more worried than Republicans. 90 percent of Democrats were worried while about 78 percent of independents expressed concerns.
Among those who voted for Biden in 2020 but are unhappy with his economic performance, 76 percent said they were worried about Republican plans for Social Security and Medicare.
Plans To Slash Social Security Well Underway
Although the polling came before the State of the Union speech, some Republicans have already talked about reducing Social Security. The program is the largest benefits program in the U.S.
Last Thursday, House Budget Committee Republicans moved forward with a resolution backing a fiscal commission. This commission will aim to decrease spending on welfare and healthcare programs.
Social Security Supporters Slam Republican Plans
The plans have been slammed by Social Security advocates. According to a report by Common Dreams, Nancy Altman, President of Social Security Works, stated that the commission is created to cut important earned benefits quickly and without public scrutiny.
She added that every Republican who supported this budget essentially voted to reduce Social Security and Medicare.
House Republicans’ Proposals For Welfare Reform
Last year, the House Republican Committee, consisting of 176 House Republicans, put forward numerous suggestions for the welfare program in the 2024 fiscal year.
These included pushing for an increase in the retirement age to 69 to receive full Social Security benefits and decreasing payments for individuals earning above a specific income threshold.
