NEW: Republican Plan Enabled by Loeffler and Collins Would Drain Social Security Trust Fund

August 25, 2020

New report from Social Security Administration Chief Actuary estimates that under GOP payroll tax plan, Social Security Trust Fund would be “depleted by…2023”

ATLANTA — A new report from the Chief Actuary of the Social Security Administration estimates that a Republican plan to eliminate payroll taxes would lead to the Social Security Trust Fund becoming “permanently depleted by the middle of calendar year 2023.” 

And where do Senator Kelly Loeffler and Congressman Doug Collins stand on this plan? They’re still marching in lockstep with their party and the White House, praising President Donald Trump’s earlier executive order undermining this key funding source for Social Security and Medicare

Loeffler, who commended the president for “taking action” with the order, has already promised to stand behind the White House and its agenda “100%.” Meanwhile, Collins, who’s also praised Trump’s reckless order, has a long track record of voting to gut earned benefits programs like Social Security. He’s voted to raise the retirement age for Social Security while also supporting the GOP tax handout for the wealthy and well-connected that “trimmed a year of solvency from the primary Medicare trust fund and had a negative effect on the Social Security trust fund.”

“If Republicans have their way, the Social Security Trust Fund could be completely depleted by 2023,” Alex Floyd, spokesman for the Democratic Party of Georgia. “No matter how they try to spin it, Senator Kelly Loeffler and Congressman Doug Collins must be held accountable for enabling their party’s reckless plan that threatens critical earned benefits programs for Georgia families.”


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