Florida — Did the president cut funding for social security?
The newest ad from Joe Biden goes after the president’s executive orders and their impact.
Action News Jax investigates puts the ad through our truth test.
Almost immediately, this newest ad from Joe Biden makes its first assertion “Donald Trump stepped off the golf course and signed an executive action directing funding cuts for social security.”
Is this true?
To answer that, we first have to look at what the president actually signed and how we pay for social security.
As for the president’s order, it directs the U.S. Treasury to defer payroll taxes starting on September 1st.
Although, and this is important, after January first, those back taxes may still be owed.
But, payroll taxes are how we fund social security.
So, any pause in collection would mean less money for social security going forward, a program that is projected to run out of cash as soon as 2024.
UCF Political Science Professor John Hanley notes, “We are getting closer to those moments, so running those down more quickly could get you into trouble much more quickly.”
The ad continues, “He also proposed slashing billions from the social security trust fund every year.”
This is a little more ambiguous.
Since the cuts Trump proposed were to social security disability insurance and supplemental security income, not the retirement portion of social security.
Overall we rate this ad half true since it’s unclear how many employers will actually change their withholding process, since the money might be due anyway.
And the cuts were to the trust fund are not as clear.
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