Biden Targets Trump-Backed Billionaires on Social Security

President Joe Biden’s reelection campaign has taken aim at billionaires with ties to former President Donald Trump, criticizing their past suggestions regarding Social Security. This issue has become a focal point in the 2024 campaign, particularly as Trump’s stance on entitlement programs has been inconsistent.

Campaign spokeswoman Sarafina Chitika accused Trump’s billionaire supporters of wanting to cut Social Security benefits for seniors while benefiting themselves with tax breaks for the wealthy. She specifically called out hedge fund founder John Paulson, who is hosting a fundraiser for Trump, for advocating a shift from a defined benefit to a defined contribution Social Security model in 2018.

The campaign also criticized Susquehanna International Group co-founder Jeff Yass for proposing changes to allow workers to divert a portion of their paycheck from Social Security into a personal stock investment fund. Yass, who recently met with Trump, is expected to make a significant donation to Trump’s campaign.

Biden and his campaign have repeatedly accused Trump of wanting to cut Social Security and Medicare, citing his past statements about entitlement programs. Trump has walked back some of these comments, emphasizing that he does not intend to harm these programs.

In response, the Trump campaign dismissed the criticism, with spokesperson Steven Cheung stating that Biden’s team is upset about being outmaneuvered. The Biden campaign is concerned about Trump’s fundraising efforts, as he has recently garnered support from wealthy donors like Larry Ellison and Ken Griffin.

Overall, the focus on Social Security and related policies underscores the importance of this issue in the 2024 campaign, with both sides seeking to appeal to voters on matters of economic security and entitlement programs.