Trump's Social Security plan would hasten insolvency, lead to bigger benefits cuts, analysis finds
CBSN
Former president Donald Trump's campaign pledges would hasten the insolvency of the Social Security trust fund and lead to a 33% across-the-board cut to all benefits, according to a new analysis from the nonpartisan Committee for a Responsible Federal Budget (CRFB).
The group's report, released Monday, is based on Trump's vow to eliminate income taxes on Social Security benefits, overtime pay and tipped income, as well as his proposal to slap tariffs on all imports and deport millions of immigrants, many of whom currently pay Social Security taxes.
The CRFB, which advocates in favor of lower federal deficits, said Vice President Kamala Harris's plans "would not have large effects on Social Security trust fund solvency." It added, however, that while Harris has pledged to protect Social Security, neither her campaign nor Trump's have specified how they would fix the looming shortfall in funding.
U.S. motorists are likely to face higher gas prices for several weeks even if crude oil remains stable, according to GasBuddy petroleum analyst Patrick De Haan. Edited by Aimee Picchi In:
The Federal Aviation Administration has grounded all JetBlue flights due to a request from the airline, the agency said in a notice on Tuesday. In:
"It's been a long time since we've had a bad event," said Lloyd Blankfein. "It's been 17 years since the financial crisis." The former CEO of Goldman Sachs, who led the bank through that historic crisis, says it happened before, so it'll happen again. In:
On the day that marks 13 years since the death of Venezuelan socialist strongman Hugo Chávez and two months after the Jan. 3 U.S. operation that captured Nicolás Maduro, the scene in Caracas looks strikingly different from the anti-U.S.-imperialism rhetoric that founded Chavismo and was echoed by his successor. In:
We may receive an affiliate commission from anything you buy from this article. In:
Companies in the U.S. that paid tariffs invalidated by the Supreme Court in February are legally entitled to refunds, a federal judge ruled on Wednesday. In:
Target will invest another $2 billion in its business this year to spruce up stores, remodel locations and invest in workers, the retailer said Tuesday as it outlined plans to try to reverse a persistent sales malaise and reclaim its footing in fashion and home categories. In:
Defense Secretary Pete Hegseth deemed artificial intelligence firm Anthropic a "supply chain risk to national security" on Friday, following days of increasingly heated public conflict over the company's effort to place guardrails on the Pentagon's use of its technology. Jo Ling Kent contributed to this report. In: