Joe Biden is airing his latest campaign advertisement in Northern Nevada. The Democratic presidential nominee's ad attacks President Trump on social security. After breaking down the facts of the ad, the bulk of it is false.

The 30 second spot talks about the president's plan for social security and how it would run out of money, and cites an analysis from the Chief Actuary of the Social Security Administration.

"Under Trump's plan, social security would become permanently depleted by the middle of calendar year 2023. If Trump gets his way, social security benefits will run out in just three years from now," the ad says.

That statement is false. The study shows that eliminating payroll taxes would cause social security benefits to run out within three years without an alternate revenue source. However, this is not the president's plan. It was hypothetical analysis.

The truth is that the president did sign an executive order on August 8, deferring payroll taxes through the end of the year. For most workers, that means they will keep the 6.2 percent of their paycheck that is withheld for social security through the end of the year. That averages out to a total of $2,200 per person from September through December. However, the taxes are not forgiven. People who take the tax deferral will have to pay the money back next year unless Congress comes up with a bipartisan plan to forgive the taxes. 

Payroll taxes generated $1.24 trillion for social security funding in fiscal year 2019. The president has said that he wants to lower payroll tax rate or even eliminate it altogether. He says his plan will not defund social security. He reiterated that during an August 12 press conference.

"When I win the election, I'm going to completely and totally forgive all deferred payroll taxes without in any way, shape or form hurting social security," Trump said. "That money is going to come from the general fund. We're not going to touch social security. I've said from day one that we're going to protect social security."

The Federal Communications Communications Commission requires television channels to air campaign advertisements. Each licensed broadcast station cannot censor or refuse to air the commercials.

President Trump is not airing any campaign ads in Northern Nevada this week. With less than seven weeks until the election, he is expected to buy some ad time very soon. When he does, 2 News will fact check it as well.

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