According to a trustee’s report, Social Security will be unable to pay full benefits starting in 2033 without changes that could include less benefits or higher taxes.
Former New Jersey Gov. Chris Christie said he would raise the retirement age for younger workers, including his 30 year-old son. Christie also tried to shame billionaire Warren Buffet for collecting Social Security, even though the payments would reflect the payroll taxes that he paid over his career.
Former South Carolina Gov. Nikki Haley would also raise the retirement age and limit payments to wealthy individuals.
Businessman Vivek Ramaswamy suggested he could save the program through drastic spending cuts that would shutter federal agencies and possibly lay off the majority of government workers.
South Carolina Sen. Tim Scott said he would achieve faster growth, even though former President Donald Trump pledged he could also boost gross domestic product gains and failed to do so. Florida Gov. Ron DeSantis said he knows a few Social Security recipients in his home state, which has a reputation for catering to retirees, and he, too, would get faster economic growth.
Corrects item about GOP candidates supporting raising retirement age to note that Social Security will be unable to pay full benefits starting in 2033, not 2023.