Social Security’s Finances Erode Further, Risking Benefit Cuts; Trump has offered no remedy

[TallGuyJohninBKK]

The nation’s key program for retiree benefits continues to see financing shortfalls. Unless Congress acts, those drops could lead to payment cuts in eight years.

 

June 18, 2025

 

"The Social Security program faces a longstanding financing shortfall that, if left unaddressed, would slash millions of retirees’ crucial monthly benefit payments in just eight years. [emphasis added]

 

The deteriorating financial outlook for the retirement program, which supports roughly 61 million Americans, was released in its annual trustees report on Wednesday.

...

Mr. Trump has vowed to protect Social Security benefits, but he hasn’t introduced any proposals to shore up its financing."

 

(more)

 

New York Times

https://archive.ph/EEWYp

 

 

The above NYT article says the current projection is that Social Security benefit reductions of 23% could commence in 2033 if the program's finances are not rescued before then.

 

And linked above to this prior NYT article:

 

How Unauthorized Immigrants Help Finance Social Security Benefits

Undocumented workers often pay taxes that help fund programs like Social Security — even if they can’t collect from them in the future

 

Updated Jan. 14, 2025

 

"The Social Security Administration receives billions in free money each year from an unexpected source: undocumented immigrants.

 

This group paid an estimated $25.7 billion in Social Security taxes in 2022, according to a recent analysis from the Institute on Taxation and Economic Policy, a left-leaning tax research group. Since unauthorized workers cannot collect retirement and other Social Security benefits without a change to their immigration status, the billions they pour into the program effectively act as a subsidy for American beneficiaries."

 

(more)

 

New York Times

https://archive.ph/RjEWE

 

 

[blaze master]

11 minutes ago, TallGuyJohninBKK said:

 

"The Social Security program faces a longstanding financing shortfall that, if left unaddressed, would slash millions of retirees’ crucial monthly benefit payments in just eight years. [emphasis added]

 

 

If its such a longstanding problem....why did not one else address the issue either. 

 

 

[TallGuyJohninBKK]

11 minutes ago, blaze master said:

 

If its such a longstanding problem....why did not one else address the issue either. 

 

 

From the NYT report:

 

"Republican-led proposals have historically suggested cutting benefits by raising the retirement age, among other changes. Democrat-led proposals typically support raising taxes."

 

And the latter would require unlikely two-thirds majority votes in Congress.

 

 

 

 

[blaze master]

13 minutes ago, TallGuyJohninBKK said:

 

From the NYT report:

 

"Republican-led proposals have historically suggested cutting benefits by raising the retirement age, among other changes. Democrat-led proposals typically support raising taxes."

 

And the latter would require unlikely two-thirds majority votes in Congress.

 

 

 

 

 

So no changes. Got it.