Social Security funds could run out in the next six years if former President Donald Trump wins in November, according to a new report from the bipartisan group Committee for a Responsible Federal Budget.
The program's funding is already in crisis and expected to become insolvent as early as 2033. Trump’s policies would add over $2.3 trillion to Social Security’s deficit between 2026 and 2033 and — and cause a 33% cut to benefits in 2035, the report found.
“We find President Trump’s campaign proposals would dramatically worsen Social Security’s finances,” the report released Monday states.
Many of Trump’s proposals would “widen Social Security’s cash deficits,” the report reads. Currently, 40% of Social Security recipients pay taxes on some portion of their benefit and that money goes back into the program. Trump has proposed to cut the taxation of all Social Security benefits, which would dramatically weaken the program’s longevity.
The Republican nominee has also promised to cut taxes on tips and overtime pay, which could cost Social Security anywhere from $150 million to $1 trillion, the report found. His proposed import tariffs and mass deportations of undocumented immigrants would also impact the program, which benefits over 71 million people.
“If President Trump’s campaign agenda were enacted in full, we estimate it would shrink that window by one-third, to only six years," the report said.
The watchdog group found that Vice President Kamala Harris’ proposed policies would neither accelerate or slow Social Security’s funding trajectory.
Despite Social Security’s uncertain future, the topic hasn’t come up much in this year’s election conversations. Both candidates have vaguely pledged to protect the program, but neither has shared a detailed plan for doing so.
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