Social Security Warning Issued by Democrat

A Democratic congressman is warning of a potential blow to Social Security that he believes would be inflicted if Donald Trump wins reelection in November.

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

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

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

“If Congress does nothing, benefits will be cut by 21% across the board beginning in 2033,” the Heritage Foundation wrote on X this week.

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

Still, many are against the measure, as it could create quality of life issues for seniors while working to ensure their Social Security benefits are still available to them at a certain point.

“There you have it. If Donald Trump is president say GOODBYE to your social security and plan to work into your 70s. This is their plan,” California Representative Eric Swalwell said in response to the Heritage post on X.

Newsweek reached out to Swalwell and the Heritage Foundation for comment on Thursday.

The push to raise the retirement age has been touted by some Republicans as President Joe Biden has said he’s committed to protecting any benefit cuts.

“As long as I am President, I will keep strengthening Social Security and Medicare and protecting them from Republicans’ attempts to cut benefits Americans have earned,” Biden said earlier this year.

During his remarks, the president indicated 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, increase the retirement age, raise prescription drug costs, and transition Medicare to a system that would raise premiums for many seniors,” Biden said.

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

“We know Social Security funding is going to only grow as a pivotal issue as the years progress and as funding the program gets more challenging,” Alex Beene, financial literacy instructor at the University of Tennessee at Martin, told Newsweek.

“Ultimately, the political divide is going to be the determining factor in whether funding issues are handled with increased taxation or raising the retirement age. We know any proposed changes to Social Security have been met in polling with disdain from voters. Even if raising the retirement age is necessary, it’s going to be difficult to implement without some type of political backlash.”

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

“Many baby boomers have yet to save much money and will likely find themselves in a jam,” Patrick Mish, CEO of assisted living platform SilverStay, previously told Newsweek. “Living on Social Security income alone makes it tough to make ends meet.”