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Trump, Social Security and the future of retirement in America
Manage episode 453987342 series 3444119
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For years experts have warned about a looming crisis facing the Social Security system. According to current estimates, the program will become insolvent by 2034, at which time benefits would be automatically cut.
During the campaign, President-elect Trump positioned himself as an advocate of the program, which remains highly popular among voters. But economist Teresa Ghilarducci says that if you dig into his proposals, a different picture emerges.
A recent analysis shows his policies would move up the date of insolvency from 11 years to 9 years. “It’s kind of a shocker,” she says. “He’s very bold in his policies.”
Teresa Ghilarducci is a professor of economics at The New School and author of the new book "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy.” She joins Diane to explain the urgency of addressing Social Security’s finances and why Trump’s proposals would make the situation worse.
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