In a recent development ahead of the 2024 election, President Joe Biden’s reelection campaign has targeted billionaires who support former President Donald Trump for their past suggestions to modify Social Security, a controversial issue as Trump has made conflicting statements about his plans for entitlement programs. Biden’s campaign accused Trump’s billionaire donors of wanting to gut Social Security while benefiting themselves with tax breaks for the wealthy. Hedge fund founder John Paulson, who is hosting a fundraiser for Trump, was specifically called out for advocating for switching to a defined contribution Social Security model in a 2018 discussion at New York University.
Additionally, the campaign highlighted a proposal from Susquehanna International Group co-founder Jeff Yass, who suggested giving workers the option to shift 10% of their paycheck away from Social Security and into a personal stock investment fund. Yass, who recently met with Trump, is expected to make a significant donation to his campaign. Biden and his campaign have repeatedly accused Trump of wanting to cut Social Security and Medicare, referencing Trump’s comments about the potential for cuts to entitlement programs during a CNBC interview last month.
Trump, known for his contradictory statements and policies on entitlement programs, later walked back his comments after facing criticism, stating that he would never do anything to harm Social Security or Medicare. However, the Biden campaign remains skeptical of Trump’s intentions, with spokeswoman Sarafina Chitika asserting that his actions speak louder than his words. Trump campaign spokesperson Steven Cheung fired back at the Biden campaign, accusing them of being upset about being outplayed and praising Trump’s America First movement.
Upcoming events to watch include the fundraiser hosted by Paulson for Trump, which will feature high-profile figures like Sen. Tim Scott, Gov. Doug Burgum, and biotech entrepreneur Vivek Ramaswamy. The fundraiser has already raised $43 million and will support Trump’s campaign. Meanwhile, the Biden campaign holds a financial advantage over Trump, with Trump facing legal fees and a cash crunch. However, Trump is garnering support from big-money donors like Oracle’s Larry Ellison and Citadel hedge fund founder Ken Griffin, as well as raising significant funds through his campaign apparatus.
In conclusion, the 2024 election is shaping up to be contentious, with Social Security and entitlement programs emerging as key issues. Trump’s billionaire donors are under scrutiny for their past proposals to modify Social Security, while Biden and his campaign continue to criticize Trump’s stance on the issue. As both campaigns work to secure funding and support, the role of big-money donors and the strategies they employ will be closely monitored in the lead-up to the election.
