Not Only Did President Donald Trump Fail to Keep His Social Security Promise, but He May Have Accelerated the Program's Path to Insolvency

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Despite these challenges, President Donald Trump campaigned (for his second nonconsecutive term) on ending the taxation of Social Security benefits. Halting this highly unpopular…

For most retirees, Social Security provides more than just a check. A quarter-century of annual Gallup surveys show that this Social Security income is relied on by 80% to 90% of retirees, in some capacity, to make ends meet.

But this storied program isn't on the best financial footing. According to the 2026 Social Security Board of Trustees Report, America's leading retirement program is staring down a $29.3 trillion funding shortfall through the year 2100. The Trustees Report has cautioned about an unfunded long-term obligation every year since 1985.

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Furthermore, the latest Trustees Report estimates the Old-Age and Survivors Insurance trust fund (OASI) will exhaust its asset reserves -- the excess income collected since inception that's invested in special-issue, interest-bearing government bonds, as required by law -- by the fourth quarter of 2032. Although Social Security isn't going bankrupt, the existing payout schedule, including annual cost-of-living adjustments, appears unsustainable and may require sweeping benefit cuts in six years.

Despite these challenges, President Donald Trump campaigned (for his second nonconsecutive term) on ending the taxation of Social Security benefits. Halting this highly unpopular tax would enable retirees to retain more of their monthly payout.

While the president's promise sounded great on paper, he ultimately failed to keep his pledge. Worse yet, his flagship tax and spending law, the "Big, Beautiful Bill," appears to have accelerated the OASI's path to insolvency.

In late July 2024, mere months before the election, then-Republican presidential nominee Donald Trump wrote in all caps on Truth Social, "Seniors should not pay tax on Social Security."

Though this…

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