Donald Trump reveals plans for Social Security

Former President Donald Trump rejected assertions that he’ll have to make changes to Social Security if he wins in 2024 because America is sitting on a pot of gold.

Social Security’s future has been called into question for years given the significant costs associated with the program. The fund has been dipping into reserves when the revenue it collects falls short of the amount it pays out and it’s projected to dry up in 2033 if no action is taken.

Politicians are unlikely to let the fund run out given the program’s popularity, but Social Security’s insolvency problem has 2024 candidates flirting with the “third rail of American politics.”

During Tuesday’s town hall with Fox News‘ Sean Hannity, Trump criticized Governor Ron DeSantis and former United Nations Ambassador Nikki Haley for their plans for Social Security reform.

“You don’t have to touch Social Security,” Trump said. “We have money laying in the ground far greater than anything we can do by hurting senior citizens with their Social Security.”

Trump’s plan to help save Social Security involves tapping America’s oil supply in a similar way that Saudi Arabia does. “It will take care of everything,” Trump said.

Saudi Arabia is the largest exporter of petroleum and made over $202 billion in oil exports in 2021, according to the Organization of the Petroleum Exporting Countries (OPEC). Oil revenue helped start Saudi Arabia’s Public Investment Fund (PIF), which is being used to invest in companies and industries outside of oil in the hopes of diversifying the economy.

“We have more oil and gas than they do,” Trump said. “We can be rich again.”

The U.S. Energy Information Agency reported that the U.S. is the largest producer of oil and in 2021, the U.S. exceeded Saudi Arabia’s oil production by about 10 million more barrels per day.

At the start of the town hall, Trump told Hannity he will open up oil drilling in the United States on day one of his presidency if he wins in 2024.

Trump isn’t the only candidate talking about Social Security. At the Republican presidential primary debate on November 8, Haley advocated for raising the retirement age for younger people, including her own children. She would keep payments in place for people nearing retirement age and said payments need to better reflect life expectancy.

On Tuesday, Trump criticized DeSantis and Haley for wanting to “play around” with Social Security and DeSantis for shifting his position on changing the retirement age.

Newsweek reached out to DeSantis via email for comment but did not receive a response prior to publication.

In 2013, DeSantis voted for a failed Republican resolution that would have raised the age to qualify for Medicare and Social Security to 70. In July, he told Fox News he was open to changing Social Security for people who were in their 30s or 40s. However, in November’s debate, DeSantis said raising the age made little sense given that life expectancy in the United States is declining.