“When Donald Trump campaigned for president back in 2016, he promised he would not cut Social Security.  This promise was just another bold-faced lie from a dishonorable man who has lied more than 20,000 times since his inauguration.”

WASHINGTON – Congresswoman Maxine Waters (CA-43), the Chair of the House Financial Services Committee, marked the 85th anniversary of the landmark Social Security Act, which was signed into law by President Franklin D. Roosevelt on August 14, 1935, and condemned Donald Trump’s attempt to defund the program. She released the following statement:

“It is ironic that on the 85th anniversary of the creation of Social Security, Donald Trump is trying to defund this essential program.  Donald Trump’s order to defer payroll taxes from September through December of this year is a shameless attempt to undermine the entire Social Security system while distracting attention from his failure to stop the spread of the coronavirus and save our economy. 

“Social Security is a bedrock of American society.  Signed into law by President Franklin D. Roosevelt in 1935, the Social Security Act has provided economic stability and retirement security to millions of hard-working Americans. Prior to the passage of this landmark law, many American seniors were forced to live in abject poverty, and many slept on the streets.  Social Security is financed by the payroll taxes seniors paid during their working years, and it provides financial security to 65 million seniors and disabled workers. Social Security keeps a roof over their heads and food on their tables.

“Cutting or deferring payroll taxes weakens Social Security and endangers the benefits that seniors have earned.  Trump’s shameless order is opening the door to cutting or eliminating Social Security’s dedicated financing and jeopardizing the future of this important program.

“Deferring payroll taxes for four months will do nothing to help struggling families or stimulate the economy.  It will not help the 30 million Americans who are unemployed and no longer have a payroll, nor will it help those who are self-employed. It might not even help the workers whose taxes are intended to be deferred.  Some employers may simply keep the money rather than pass on the benefits of a deferral to their workers.  Other employers may decide that the logistical challenge involved in reducing payroll tax withholding and then increasing it four months later is simply not worth the effort, and consequently, these employers will continue collecting and paying payroll taxes to the federal government as before.

“For those employers that do take advantage of a payroll tax deferral and pass on the benefits to their workers, they – and their workers – will still have to pay the taxes, possibly in a large lump-sum payment at the end of the four-month deferral period.  Getting a bill from the federal government for a lump-sum tax payment at the end of December is like getting a lump of coal in your Christmas stocking!

“When Donald Trump campaigned for president back in 2016, he promised he would not cut Social Security. This promise was just another bold-faced lie from a dishonorable man who has lied more than 20,000 times since his inauguration.”