Social Security warning issued by Democrat

A Democratic congressman is warning of a possible blow to Social Security that he believes will be inflicted if Donald Trump wins re-election in November.

Social Security remains a hotly debated issue for both Republicans and Democrats as the program faces a funding crisis.

Estimates show that the Social Security Administration (SSA) will run out of funds by 2035, at which point seniors depending on their retirement benefits would see a monthly reduction of 17 percent.

The Heritage Foundation, a conservative think tank, released a report this week supporting raising the Social Security retirement age as a way to prevent the program’s potential bankruptcy.

«If Congress does nothing, benefits will be cut by 21% across the board starting in 2033,» the Heritage Foundation wrote in X this week.

Specifically, the think tank is in support of gradually increasing the retirement age from 67 to 69 or 70. While that would mean most Americans would likely work longer, it could account for Americans’ longer life expectancy while still preserving Social Security benefits for future generations, proponents say.

However, many oppose the measure, as it could create quality-of-life issues for seniors as they work to ensure their Social Security benefits are still available to them at some point.

«There you have it. If Donald Trump is president, say LAUTAMUP to your Social Security and plan to work until your 70s. That’s their plan,» California Representative Eric Swalwell said in response to Heritage’s post on X .

Newsweek contacted Swalwell and the Heritage Foundation for comment Thursday.

The push to raise the retirement age has been defended by some Republicans after President Joe Biden has said he is committed to defending any benefit cuts.

«As long as I’m president, I will continue to strengthen Social Security and Medicare and protect them from Republican efforts to cut the benefits Americans have earned,» Biden said earlier this year.

During his remarks, the president indicated that Republicans are interested in raising the retirement age and providing preferential treatment to the wealthy when it comes to Social Security benefits.

«Republicans in Congress have a very different vision. Their budget sides with the wealthy and special interests to cut Social Security by over $1.5 trillion, raise the retirement age, raise prescription drug costs and about moving Medicare to a system that would raise premiums for many seniors,» Biden said.

In 2022, SSA paid Social Security benefits to 70.6 million people across the country.

«We know that funding Social Security will only grow as a major issue as the years progress and as funding the program becomes more challenging,» said Alex Beene, financial education instructor at the University of Tennessee at Martin. Newsweek.

«Ultimately, the political divide will be the determining factor in whether funding issues are addressed by raising taxes or raising the retirement age. We know that any proposed changes to Social Security have been met with disdain in the polls by voters. Even if raising the retirement age is necessary, it will be difficult to implement it without some kind of political reaction».

The program faces a funding crisis as more baby boomers retire and fewer younger workers pay taxes into the program.

«A lot of kids growing up still haven’t saved much money and are likely to find themselves in a bind,» Patrick Mish, CEO of assisted living platform SilverStay, previously said. Newsweek. «Living on Social Security income alone makes it hard to make ends meet.»