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Money Explainers
  • 25/6/2025
Could Social Security be in trouble? Dive into five key Republican policies that could impact the program's future. Learn what’s at stake for millions of retirees.
#SocialSecurity #Retirement #USPolitics

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00:00Five Republican Policies Hitting Social Security
00:02The U.S. social security system is facing a growing funding challenge,
00:06with projections indicating that its combined trust funds will be depleted by 2034,
00:11or even 2033 for retirement benefits. Without corrective action, this could lead to a reduction
00:17of retirement benefits by almost one-fourth in less than a decade, a potentially catastrophic
00:22outcome for millions who rely on social security as a crucial income source.
00:26In this context, the policies and approach of President Trump and Republicans are raising
00:32concerns about their impact on the program has solvency. Here are five Republican policies and
00:37approaches that, according to analyses, are weakening or could weaken social security,
00:42one that mass deportations and workforce reduction President Trump has pushed for mass deportations.
00:48This is problematic for social security because it is projected to reduce the workforce paying
00:53into the system. Notably, undocumented immigrants have often paid billions in social security taxes
00:59without receiving benefits, so their expulsion diminishes the taxpaying base without reducing
01:04expenditures, thereby exacerbating the deficit. 2.Tariff Policies Potentially Driving Up Inflation
01:10President Trump's Tariff Policies If They Increase Inflation As Feared By The Federal Reserve
01:15And many experts would push up the program's cost of living adjustments, COLA. This potential
01:22inflationary impact of tariffs could be lagged, complicating the Federal Reserve's decisions
01:26on interest rates. An increase in COLA directly translates to higher costs for the social security
01:32program. 3. Up Cuts To The Social Security Administration
01:36SSA And Service Reduction Will Not Direct Benefit Cuts
01:40The Republican emphasis on inefficiency and claims of a waste fraud and abuse, repeated
01:44by President Trump despite being debunked by the SSA itself, have led to a discussion around
01:49staff cuts at the Social Security Administration SSA. Even before a potential second Trump administration
01:56imposed deeper staff cuts, the SSA already have fewer employees and field offices than in 2010.
02:03This has already resulted in increased wait times for claims, and further cuts would only worsen
02:08beneficiary service. It is important to note that Social Security is a highly efficient operation,
02:14with 99.5 cents of every dollar spent going directly to beneficiaries.
02:19For dot proposals to raise the retirement age and reduce benefits although President Trump has stated
02:24there is a lot you can do to cut Social Security, the Republican Study Committee, RSC, which represents the
02:30majority of the House GOP caucus, has released a budget proposal that would raise the retirement age and
02:36reduce benefits for high earners. While the RSC has indicated that benefits would not change for
02:41those in or near retirement, these proposals signal a clear direction towards cuts. It is crucial to
02:48highlight that 79% of Americans, including 77% of Republicans, oppose any reductions in Social
02:54Security benefits. Five, that the big, beautiful bill and the general strain on national debt, the big,
03:01beautiful bill, promoted by President Trump, which seeks deep cuts in other areas like Medicaid,
03:06is projected to increase the national debt by $3 trillion with interest, or $5 trillion if made
03:12permanent. This massive increase in the national debt, which has already surpassed $36.2 trillion,
03:19exerts overall financial pressure on the federal government. A rising national debt could, in the long
03:25term, displace funding for essential programs, including Social Security, by demanding a larger portion of the
03:31budget for debt servicing. As part of this legislative push, the Republican-controlled House has already
03:37passed approximately $600 billion in Medicaid cuts, largely by imposing new work requirements that could
03:43affect millions of people. While not a direct assault on Social Security, this reflects a broader
03:48Republican strategy to reduce spending on social welfare and assistance programs, which could set a
03:53precedent for future pressures on Social Security. In summary, as Social Security approaches a critical
03:59juncture for its solvency, the policies and proposals championed by President Trump and Republicans,
04:05whether through reduced revenues, increased costs, administrative weakening, or general fiscal
04:10pressure, are contributing to the program's financial uncertainty and vulnerability. How these
04:16challenges are addressed will be crucial for the millions of Americans who depend on this vital system.
04:21money explainers
04:23money explainers

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