A Trump Presidency Would Drain Social Security's Finances Faster, Budget Group Warns

The Committee for a Responsible Federal Budget warns that Donald Trump's agenda would make things worse for Social Security. Justin Sullivan/Getty ImagesTrump's proposals would dramatically worsen Social Security's finances, a nonpartisan budget group is warning.The group predicts Trump's agenda would push up Social Security insolvency by 3 years.Harris' proposals would have little impact on Social Security's insolvency timeline, the group says.Americans are in danger of losing their full benefits by the mid-2030s — and a nonpartisan budget group is warning that if Trump is elected, his policies could push the funding crisis years sooner.The Committee for a Responsible Federal Budget (CRFB), a nonpartisan nonprofit that examines the impacts of fiscal policies, released a report Monday outlining the negative effects it predicts a second Trump presidency would have on Social Security."We find President Trump's campaign proposals would dramatically worsen Social Security's finances," the CRFB wrote in its report.In a recent report, the Congressional Budget Office predicted that a main Social Security trust fund could be exhausted in 2034, meaning that Americans wouldn't get their full benefits.The Social Security and Medicare Boards of Trustees estimated that the fund would run out a year later, in 2035.But the CRFB estimates in its report that if Trump wins a second term and enacts his current campaign proposals, those funds would become insolvent three years sooner than the CBO's prediction, in 2031.