Chris Christie: Social Security Cuts Are a Necessity — ‘In 11 Years, Social Security Will Be Bankrupt’
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Vance Cariaga
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Daria Uhlig
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Chris Christie apparently didn’t get the memo that you’re not supposed to propose Social Security cuts when you’re running for public office. Over the weekend, the former New Jersey governor and 2024 Republican presidential candidate said that in 11 years Social Security “will be bankrupt” and it’s time to start thinking about cutting the program.
Christie’s point about Social Security going bankrupt is highly debatable — the program’s looming funding shortfall will impact less than one-quarter of its total resources, according to most projections. However, he did touch on a subject that has long been considered the third rail of politics: advocating cuts to Social Security.
As The Hill reported, Christie addressed the topic at a Saturday conference in Atlanta hosted by conservative radio host Erick Erickson.
“The most disgusting part of [President] Joe Biden’s State of the Union address this year was when he stood up, and he said, ‘We’ll all agree, right? We’re not going to do anything to Social Security?’ And both sides got up and cheered,” Christie said. “[They’re] a group of liars and cowards, because they know that in 10 years, Medicare will be bankrupt. And in 11 years, Social Security will be bankrupt.”
The “bankrupt” comment was likely in reference to the Social Security Old Age and Survivors Insurance (OASI) Trust Fund, which is expected to run out of money in about a decade. When it does, payroll taxes will cover only about 77% of current benefits.
That shortfall has made Social Security a hot topic ahead of the 2024 election, though most candidates shy away from proposing outright cuts. Former president and GOP frontrunner Donald Trump has made it clear that he has no plans to cut Social Security benefits.
Biden, who seeks re-election in 2024, unveiled a 4-point plan to fix Social Security that aims to bolster the program through higher taxes. Among other things, the plan would raise the threshold on annual wages subject to Social Security tax.
Other Republican candidates — including Florida Gov. Ron DeSantis and former South Carolina Gov. Nikki Haley — have proposed raising the full retirement age for younger Americans but not those at or nearing retirement age. Former Vice President Mike Pence favors privatizing Social Security by giving younger Americans “the ability to take a portion of their Social Security withholdings and put that into a private savings account.”
Christie has also proposed raising the Social Security benefits age for Americans currently under 50 years old, The Hill reported.
“We can make real savings over the long term by playing with eligibility age,” he said at the Atlanta conference. “We have got to have this conversation. And other than me, nobody in this race is willing to talk about it. It’s ridiculous.”
Christie has been talking about Social Security reform for a while now. In June, he told CNBC’s “Squawk Box” that leaders “need to deal” with the program.
“We have to look at things like means testing for the very wealthy [who] don’t need to get Social Security,” Christie said. “And secondly, for people in their 30s and 40s we need to consider, you know, raising the retirement age.”
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