Trump outlines plan to tackle Social Security funding crisis as trust funds face depletion

Social Security's trust funds are projected to run out by 2035, risking a 23% cut in benefits for retirees. Recent proposals, including the Social Security Fairness Act, may accelerate this depletion, increasing urgency for reform. President-elect Donald Trump plans to address the funding crisis by boosting oil and gas leasing revenue. However, estimates show this approach would only generate about $5 trillion, far short of the $22.6 trillion needed to close the funding gap. To effectively tackle the shortfall, options like raising the income cap for Social Security taxes or increasing the payroll tax rate may be necessary. Current discussions suggest a combination of strategies will be required to ensure the program's sustainability.