The date when Social Security\u2019s trust fund is expected to run out of money just got bumped up. The fund is now projected to empty in 2032<\/a>, according to a new report released by Social Security\u2019s trustees.\u00a0\u00a0<\/p>\n The new depletion date isn\u2019t an earth-shaking change \u2014 it\u2019s only a quarter earlier than the estimate in last year\u2019s report. But it illustrates how President Donald Trump\u2019s policies are degrading a program he promised to never jeopardize<\/a> \u2014 and accelerating an approaching crisis in how our government will assist the elderly and disabled.<\/p>\n The report<\/a> names three factors that contributed to the earlier insolvency date. One is a declining fertility rate, but the other two drivers can be traced back to Trump: a drop in immigration into the country, and the \u201csubstantial effect\u201d of the tax policies in the One Big Beautiful Bill he signed last summer.<\/p>\n Trump\u2019s acceleration of the program\u2019s insolvency comes atop his assaults on the program\u2019s administrative capacities. <\/p>\n<\/blockquote>\n<\/figure>\n Reduced immigration<\/a> during Trump\u2019s second term \u2014 especially when coupled with a declining fertility rate \u2014 strains Social Security because the program is funded through payroll taxes. Those come out of people\u2019s paychecks, and fewer workers supporting an aging population means the program receives less revenue. Indeed, Social Security already has been tapping its trust fund for the better part of<\/a> the past two decades because the program\u2019s costs have exceeded its cash income. And as the Center on Budget and Policy Priorities pointed out last year<\/a>, last year\u2019s tax cuts were a boon to the rich<\/a> but a bust for the solvency of the Social Security trust fund.<\/p>\n\n
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