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Originally posted by Axtremus:
Should that come to past, not sure how much the older folks will miss their Medicare and Social Security benefits...

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Originally posted by jon-nyc:
Well, it’s 50% click bait-y.

He said he’d make the payroll tax cut permanent. Under current law, that would slowly strangle social security through an across the board benefit cut but Medicare would be paid out of the general budget.

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President Trump signed four executive actions Aug. 8 on topics ranging from Social Security taxes to student loans. But any assistance those orders might offer is bound to be delayed while courts determine whether the orders are constitutional.

The president issued the orders after negotiations between White House representatives and Congress failed to produce a deal on new legislation to address the widespread impact the COVID-19 pandemic has had on families across the nation. Earlier this year, federal lawmakers passed several relief laws including the CARES Act, which provided key benefits including one-time stimulus checks of up to $1,200 per person, enhanced unemployment benefits that added $600 per week and a federal moratorium on evictions. But the unemployment benefits increase and eviction moratorium ended in late July, leaving millions of Americans struggling to stay afloat financially during an international public health crisis.

Some if not all of the president's executive actions are bound to be challenged in the courts and also will face hurdles in implementation even if they are ruled constitutional. As issued, the orders involve four areas.

Payroll tax deferral

Each paycheck, the federal government collects dedicated payroll taxes from workers and employers to fund Social Security and Medicare benefits. The president's executive memo asks the Treasury Department to defer the 6.2 percent collected from employees for Social Security for four months, from Sept. 1 through Dec. 31, 2020, without interest. The deferment would apply to workers who make roughly $104,000 per year or less. The deferment would offer no relief to those who are no longer working and receiving a paycheck.

Under the executive memo, workers would still eventually be required to pay these 2020 taxes, but they could opt to do so in one lump sum at the end of the year rather than in each paycheck. It's unclear whether employers will update their payroll systems to provide this option or whether workers would choose to use it if they could.

AARP Executive Vice President Nancy LeaMond expressed concern over any suspension of payroll taxes and instead urged Congress to pass another coronavirus relief bill to benefit all families affected by the pandemic.

"Social Security is more crucial than ever as Americans face the one-two punch of the coronavirus's health and economic consequences. But, this approach exacerbates people's already-heightened fears and concerns about their financial and retirement security. Social Security's guaranteed benefits are indispensable. Families impacted by coronavirus urgently need help, and we believe bipartisan congressional action on another coronavirus aid bill is the right solution."

During his press briefing on August 12, President Trump said that if he is re-elected, “we are going to be terminating the payroll tax after the beginning of the new year.” On August 13, AARP CEO Jo Ann Jenkins sent the president a letter asking for further explanations about the administration’s remarks about eliminating the dedicated funding for Social Security.

“The foundation of Social Security, for 85 years, is that workers and employers pay into the program, and workers earn their benefits,” Jenkins says. “AARP believes permanent elimination of payroll contributions would put Social Security benefits at risk for both current and future retirees.”

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4. 61%
Social Security's importance can't be understated. SSA data shows that 61% of retired workers count on their benefits to comprise at least half of their monthly income. This includes a whopping 71% of unmarried elderly individuals, and 48% of married elderly adults.