Pelosi Statement on Devastating Social Security Consequences of Trump’s Threat to ‘Terminate’ Payroll Tax

August 24, 2020
Press Release

Washington, D.C. — Speaker Nancy Pelosi released this statement after the Social Security Administration chief actuary released an analysis finding that if President Trump achieved his threat to ‘terminate’ the payroll tax, the Social Security Disability Insurance Trust Fund would be exhausted by mid-2021 and the Social Security Old Age and Survivors Insurance Trust Fund would be exhausted by mid-2023:

“President Trump continues to play fast and loose with the health and well-being of America’s seniors.  The new analysis today shows the swift potential devastation of President Trump’s reckless call to ‘terminate’ the payroll tax: shattering the sacred promise of Social Security.

“While Trump tries to hollow out the Social Security Trust Fund, Democrats will stand strong for America’s seniors and Social Security beneficiaries.”