From a report by the widely respected Penn Wharton Budget Model:
Deporting unauthorized workers over 10 years cuts Social Security revenue, raises deficits by $133 billion (10 yrs) and $884 billion (30 yrs). The Trust Fund depletes 6 months earlier; 75-year deficit rises by 0.25% of payroll.
13 comments:
I am eager to hear from the Trump supporters how this “strengthens social security” such as was promised. I’ll be waiting for the insane mental gymnastics responses!!
The Republican Convention had all the attendees holding mass deportations signs and cheering wildly. I hope they have the same enthusiasm when their Social Security checks are cut since retirement for many will not be affordable since this administration only looks out for the wealthy.
That's just the payroll tax component (12.4%). The total lost tax revenue is closer to 1 trillion dollars (10 yrs).
https://itep.org/undocumented-immigrants-taxes-2024/
Which gives Republicans more ammunition to turn people against Social Security and institute privatization
The estimate right now is late 2032 for the SSA trust fund solvency date. Somebody needs to update that figure so the public can adjust to cuts in their Social Security benefits.
Everyone needs to relax. At the last second they’ll raise the FICA cap and/or gradually increase the FICA tax rate and the crisis will be averted. Of course that will be left to the next administration which will then be blamed for raising taxes.
Basic truth is Social Security payments come from the Federal Government just like any other government payment. Which pocket it pays from is really immaterial. Payments will allways be made as long as taxes are paid and more so, the Federal Goverment will never welch on a debt that would cause serious credit-related issues.
Raising the cap is easy! Is it? Why hasn’t it happened?
Illegal immigrants paying for our free ride. Some countries call that slavery. Democrats call it an economic fix for Social Security.
Social Security payments make the economy go round. Most payments go pright back into the economy that same month. Housing, food, gas, essentials. Stop or cut payments and watch parts of the economy grind to a halt.
Yea, just relax. Once Palantir runs SSA they will steal all the $$ for themselves and none of us will have to worry any longer about Social Security checks!
@11:47 Republicans want Democrats left holding the bag so they can accuse them of the biggest tax hike in history, which it will have to be, to save Social Security
After I read this article I had a dream where a gigantic idiot with a big broom swept hundreds of billions of dollars out of the country.
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