-0.6 C
New York
Saturday, January 4, 2025
HomeNewsSocial Security on the Brink: Will Millions Face a 17% Cut by...

Social Security on the Brink: Will Millions Face a 17% Cut by 2035?

Share news:

Republican Governor Chris Sununu of New Hampshire recently shared his thoughts on Social Security during an interview, sparking discussions about a topic that affects millions of Americans. Speaking about the incoming Trump administration and Republican-controlled Congress, Sununu said that tackling Social Security’s financial issues should be part of the conversation, even if not immediately.

Social Security is a lifeline for nearly 56 million older Americans, but there’s a looming problem. By 2035, the program might not have enough money to pay full benefits, potentially leading to a 17% cut for recipients if Congress doesn’t act. The big question on Capitol Hill is how to fix this without upsetting the millions who rely on these benefits.

--Advertisement--

Sununu, who chose not to run for reelection this year, appeared on media and urged lawmakers to face the reality of Social Security’s financial challenges. He said, “Everyone’s Social Security benefits get cut 17 percent” unless changes are made. He acknowledged the political difficulty of addressing this issue, especially since former President Donald Trump has repeatedly promised not to cut Social Security or Medicare.

In fact, Trump’s stance on this is clear. His spokesperson, Brian Hughes, told Newsweek that Trump has no plans to cut Medicare or Social Security, reiterating promises he made during his campaign. Instead, Trump has talked about addressing waste and poor management within entitlement programs without reducing benefits.

--Advertisement--

When pressed about whether Trump’s approach was wrong, Sununu argued that the issue needed to be tackled sooner rather than later. He suggested forming a commission to set clear guidelines and a roadmap for addressing Social Security’s financial future. “Nobody even wants to touch this ‘third rail,’” he said, referring to the political sensitivity of the topic. But he believes Americans are ready for action, saying people want solutions to avoid losing their benefits in the future.

The discussion comes amid mixed signals from Republican leaders. The Republican National Committee has pledged to protect Social Security and Medicare without cuts, and last week the Senate passed a bipartisan bill, the Social Security Fairness Act, which removes certain restrictions on benefits for government and public service workers. However, an amendment to gradually raise the retirement age to 70 was overwhelmingly rejected, with only three Republican senators supporting it.

--Advertisement--

Sununu, who had endorsed Nikki Haley in the Republican primary before backing Trump, has been critical of the former president in the past but now seems focused on encouraging meaningful solutions to long-term issues like Social Security. For now, it seems unlikely that significant changes to the program will happen soon, but the debate highlights the challenges lawmakers face in balancing fiscal responsibility with protecting essential benefits for millions of Americans.

Share news:

What do you think? Post a comment.

Explore more Stories

SourceMSN
Sarah Wood
Sarah Wood
Sarah Wood is an experienced news reporter and the author behind a platform dedicated to publishing genuine and accurate news articles.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

You may Like:-

Subscribe BuzzTrail

- Keep yourself updated with the news

- Get daily top headlines newsletter

- By subscribing you accept our privacy policy.

Must Read