REMINDER: Sununu Was a Leading Architect of a Scheme to Privatize Social Security

REMINDER: Sununu Was a Leading Architect of a Scheme to Privatize Social Security

A new CBS report shows that Trump’s Big Ugly Bill — which U.S. Senate candidate and “leading figure in the effort” to privatize Social Security John Sununu backs — has accelerated the timeline for Social Security to become insolvent, which could affect hundreds of thousands of Granite Staters who rely on its benefits. 

Sununu repeatedly introduced legislation that would have privatized Social Security and boosted Wall Street firms’ profits in the process, while directly exposing Granite Staters’ retirement accounts to stock market crashes and wild swings. One piece of legislation he co-sponsored was forecast to make Social Security insolvent by 2032 — seven years earlier than had been predicted at the time. 

Read more below: 

CBS News: Your Social Security check could be cut by $500 a month in 2032, report finds

• The millions of Americans who rely on Social Security could see their monthly benefit checks slashed by an average of about $500 if the program's retirement trust fund becomes insolvent, a scenario currently projected for the end of 2032.
• The reduction would amount to a 24% cut in the typical benefit payment, according to a new analysis from the Committee for a Responsible Federal Budget, a fiscal policy think tank.
• [...] States facing the largest monthly benefit cuts include:
  • [...]
  • New Hampshire, $553
  • [...]
• The new analysis comes ahead of this year's release of the Social Security Administration's annual Trustees Report, which will provide an updated estimate of when the agency's trust fund is projected to become insolvent. The report is expected to be released in the coming weeks. 
• ​​Last year's report projected an insolvency date of 2033 for one of the agency's two key trust funds, known as the Old-Age & Survivors Insurance Trust Fund (OASI). At that point, the program would only be able to pay 77% of the current benefit amount, according to the Social Security Administration. 
• The agency has since moved the insolvency date for OASI to the end of 2032, citing the One Big Beautiful Bill Act's effect on taxation of benefits.
• Social Security cuts would prove devastating for the nation's retirees, as many rely heavily on the monthly payments, experts say.
• According to a survey released last year by the Senior Citizens League, a nonprofit advocacy group, 73% of retirees depend on Social Security for more than half their income, while 39% depend on it for the entirety of their income.
• [...]