What a Trump Presidency Could Mean for Social Security Benefits
Published On Nov 14, 2024, 11:14 AM
President-elect Donald Trump has made proposals that could negatively impact the financing of Social Security. His campaign suggests eliminating certain taxes that contribute to Social Security funding, which raises concerns among Americans about the stability of their future benefits. Social Security is already facing financial challenges due to demographic changes, increasing retiree populations, and a decreasing number of workers contributing through payroll taxes. These concerns come at a time when there is bipartisan discussion on potential cuts to the program, amplifying worries about benefit security for retirees.
Stock Forecasts
XLY
Negative
Due to the proposed tax cuts affecting Social Security funding and ongoing concerns about the program's financial stability, companies and sectors tied to consumer spending may see fluctuations in investor confidence.
Related News
Republicans and Democrats Highly Divided in Economic Outlook Under Trump
Nov 13, 2024, 5:04 AM
Consumer sentiment among Republicans has soared to its highest point since Donald J. Trump left the White House, while declining among Democrats.
Trump’s Tariffs Could Deal a Blow to Mexico’s Car Factories
Nov 12, 2024, 12:00 AM
The president-elect has said he could impose tariffs as high as 200 percent on car imports from Mexico, a move that could hurt factories and workers on both sides of the border.
Trump trade powers Dow 44,000, S&P 6,000 as stocks keep humming
Nov 11, 2024, 8:26 PM
The Dow, S&P 500 and Nasdaq Composite hit a fresh round of new record highs as investor optimism continues following President-elect Donald Trump's historic White House win.