Trump Promised to Protect Social Security, but His Policies Are Making Its Problems Worse [View all]

During his third campaign for the White House, President Donald Trump promised he would "fight for and protect Social Security." The government program that tens of millions of American seniors rely on to make ends meet is facing a massive shortfall, as it currently pays out more in benefits than it collects in taxes and investment income. Without major reform, Social Security will deplete its trust fund, and beneficiaries could face a severe drop in their monthly payments within just a few years.

Despite his campaign promises, Trump's policies have made the challenges faced by Social Security even worse. Here's exactly how the president has exacerbated the shortfall and what Congress can do to correct it.

How did we get here?

This isn't the first time the Social Security trust fund was on a course to deplete its reserves. The program came within days of forced benefit cuts in the 1980s before Congress stepped in to amend the Social Security Act. At the time, Social Security actuaries estimated the changes would ensure the program had the financial footing to pay out benefits uninterrupted for at least 75 years.

Unfortunately, the actuaries' crystal ball was a bit foggy. The program is on track to deplete its trust fund within 50 years of the 1983 amendment. What they didn't foresee was the growing income inequality experienced over the last 30-plus years.

https://finance.yahoo.com/economy/policy/articles/president-trump-promised-protect-social-225000040.html