With the Latest SSA Trustee Report Released, Congress Must Act Now to Fix Social Security

Published in Blackstone Valley Call & Times on June 24, 2025

Just before Medicare celebrates its 60th anniversary this July and Social Security marks its 90th birthday in August, the Social Security Board of Trustees recently released its annual report on the financial status of the Social Security Trust Funds.

According to this year’s estimate, by 2033, projected revenues will only cover 77% of scheduled benefits—unless Congress takes action to address the program’s looming shortfall. Combining the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds would extend coverage for another year, ensuring 81% of scheduled benefits through 2034, instead of 2035, as previously estimated.

The trustees also reported that Medicare’s Hospital Insurance Trust Fund (Medicare Part A, which covers certain healthcare services) will be able to pay full benefits until 2033, a year earlier than the previous estimate of 2024. At that point, the fund is expected to cover 89% of benefits.

For 2024, the Social Security Administration (SSA) paid $1.47 trillion in benefits to about 68 million beneficiaries, while its administrative costs were just $7.4 billion—representing a very low 0.5% of total expenditures. However, the projected 75-year actuarial deficit is 3.82% of taxable payroll, higher than the 3.50% projected in last year’s report.

Frank Bisignano, Commissioner of Social Security, stressed that ensuring the financial stability of the trust funds remains a top priority for the Trump Administration. “We must work together—Congress, SSA, and others—to eliminate waste, fraud, and abuse to protect and strengthen the trust funds for millions of Americans who rely on it for secure retirement or disability benefits,” he stated.

In responding to the released Trustee’s report, House Ways and Means Social Security Subcommittee Ranking Member John B. Larson (D-CT) criticized the current administration’s approach, calling the Trustees’ Report a wake-up call to enhance Social Security for the first time in more than 50 years. Larson also pushed back against misleading claims from President Trump and Elon Musk about waste and abuse within the system. “Seniors, veterans, and disabled workers rely on these earned benefits, and they’re counting on Congress to do its job,” Larson said. “While Republicans push for privatization, Democrats have a plan to protect and expand Social Security.”

Larson’s Social Security 2100 Act, introduced in the last Congress with 189 cosponsors, aims to strengthen Social Security by expanding benefits and increasing payroll taxes to ensure the program’s long-term solvency.

Media Headlines on Social Security’s “Insolvency” Create Unnecessary Fear

Some media outlets, including The Washington Post, have raised alarms with bold headlines warning that Social Security could become “insolvent by 2033” or even “bankrupt.” In a statement, Bob Weiner, former Chief of Staff to the U.S. House Committee on Aging, rejects these claims, noting that the SSA currently holds a $2.7 trillion surplus. According to Weiner, the Trustees’ warning that the program may cover only 81% of benefits by 2034 is being misinterpreted as insolvency or bankruptcy. “That’s neither bankruptcy nor insolvency. Congress can fix this, perhaps by raising the income cap on Social Security taxes,” Weiner explains.

Weiner points out that, in 2026, the income cap for paying Social Security taxes is set to be $181,800. He also emphasizes that Social Security has faced repeated budget cuts to fund tax breaks for the wealthy. “We must protect Social Security as a priority,” Weiner says. “As Speaker Emerita Pelosi often reminds us, ‘First, do no harm.’”

Aging Groups Give Their Thoughts About Fixing Social Security

In statements, Social Security advocacy groups have also weighed in on and give   comments on the latest Social Security and Medicare Trustee reports.  

Nancy Altman, President of Social Security Works, argues that the program is fully affordable and costs only about 6% of the GDP at the end of the 21st century. She believes Congress will act to avert the projected shortfall, as it always has in the past. The key question to ask, Altman says, is whether lawmakers will choose to bring in more money through higher taxes or reduce benefits.

Altman strongly opposes cutting benefits, charges that politicians who don’t support increasing Social Security revenue are, by default, advocating for cuts. She highlights the impact of income inequality, which has cost Social Security over $1.4 trillion since 1983. “If the wealthy paid their fair share into the program, we could easily protect and expand Social Security’s modest benefits,” she notes.

While Americans are divided on many issues, Altman points out that there is broad consensus in support of Social Security. “The real crisis facing Social Security is not a future shortfall, but the ongoing sabotage it’s experiencing now,” she says. Altman specifically references the role of Elon Musk’s DOGE, which has pushed out thousands of Social Security staff members, including nearly half of its senior executives, resulting in an irreplaceable loss of institutional knowledge.

Despite these challenges, Altman notes that Social Security is run efficiently, with administrative costs well under a penny for every dollar spent. A major increase or decrease in administrative spending would have minimal impact on the program’s finances.

Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, says this year’s comments on the Trustees’ report, mirrors those he made last year – It’s time to rebuild reserves in the Social Security Trust Fund. However, he warns against harmful proposals such as raising the retirement age or means-testing benefits, both of which would cut benefits for millions of Americans.

“Raising the retirement age to 69 or 70 would significantly reduce lifetime benefits. These ideas have been part of Republican proposals to address the projected shortfall,” Richtman explains.

Richard Fiesta, Executive Director of the Alliance for Retired Americans, urges aging advocacy groups not to remain complacent. “Republicans in Congress are eager to cut the benefits Americans have worked a lifetime to earn,” he warns. “We cannot allow Social Security to be privatized or dismantled.”

Fiesta also calls for stronger Medicare reform, urging Congress to curb the high cost of prescription drugs and hold Medicare Advantage insurance corporations accountable for rising costs that don’t benefit patients.

A Final Note…

Social Security is an essential lifeline for millions of Americans, and its future is now at a crossroads. Can a partisan Congress work together to find a political viable fix?

While the media reports Social Security’s impending insolvency and bankruptcy, there is no doubt that Congress must act soon to ensure the program’s long-term sustainability. Whether through increasing revenue or reforming benefits, the decision on how to strengthen Social Security will shape the future of retirement and disability benefits for generations to come. It’s time for Congress to act.

View the 2025 Trustees Report at www.socialsecurity.gov/OACT/TR/2025/.

House Select Committee on Aging has new life

Published in RINewsToday on July 29, 2024

Just a month ago, the Washington, DC-based Leadership Council on Aging Organizations (LCAO), a coalition of 68 national nonprofit groups committed to representing seniors in Congressional policy making, formally endorsed Cong. Seth Magaziner’s (RI-2) H. Res. 1029, reestablishing the House Select Committee on Aging (HSCoA).  

The freshman congressman picked up the baton from former Cong. David Cicilline, who resigned his seat and now heads the Rhode Island Foundation.  The former Congressman had introduced a resolution to bring back the HSCoA during the 114th-117th Congresses.

At press time, Magaziner’s resolution, introduced on Feb. 23, 2024 (with 26 Democratic co-sponsors and no Republicans on board), has been referred to the House Committee on Rules for mark-up, and if passed, will be considered by the full House.

LCAO endorsed Cong. Magaziner’s 213-word resolution in a June 25th letter. H Res. 1029 amends the Rules of the House to establish a HSCoA.  Although the panel will not have legislative jurisdiction, it’s authorized to conduct a continuing comprehensive study and review of a myriad of aging issues, from income maintenance, poverty, housing health (including medical and research, welfare, employment, education, recreation, to long-term care.

If passed, the Magaziner’s resolution would authorize the HSCoA to study the use of all practical means and methods of encouraging the development of public and private programs and policies which will assist seniors in taking a full part in national life and which will encourage the utilization of knowledge, skills, special aptitudes, and abilities of seniors to contribute to a better quality of life for all Americans.

Finally, H. Res. 1029 would also allow the HSCoA to develop policies that would encourage the coordination of both governmental and private programs designed to deal with problems of aging and to review any recommendations made by the President or by the White House Conference on Aging in relation to programs or policies affecting seniors.

LCAO Calls for Passage of H. Res. 1029

“As we all age together as a society, we see the need to find solutions as demand grows for paid and family care workers, along with finding opportunities to address retirement security. Addressing these demands in a fiscally responsible, bipartisan manner deserves greater attention, understanding and public engagement, says LCAO Chair Richard Fiesta, Executive Director of the Alliance of Retired Americans, in a June 25 letter written to Cong. Magaziner endorsing H. Res. 1029.

In the endorsement letter, Fiesta explained that while authorizing standing House Committees “perform exemplary oversight and legislative functions over matters within their respective jurisdictions, the HSCoA would have an opportunity to more fully explore a range of issues and innovations that cross jurisdictional lines, while holding field hearings, convening remote hearings, engaging communities, and promoting understanding and dialogue that would contribute to the solutions that present themselves as the number of older people in our nation increases.”

Looking back, LCAO’s letter noted that HSCoA, under Chairman Claude Pepper, closely worked with standing committees, in a team effort and a bipartisan manner, holding many joint hearings with them and helping to pass the end of mandatory retirement, 359-2 in the House and 89-19 in the Senate.”

Additionally, HSCoA “worked to protect Social Security, expose nursing home abuses and set transparency standards, expand home health care benefits as a way older people could often delay or avoid the need of entering into long-term care facilities, and so much more,” said Fiesta, noting that The Ways and Means, Education and Workforce, Energy and Commerce, and Space, Science and Technology were other committees that benefited from the partnership,” Fiesta said.

Finally, Fiesta stresses that HSCoA would also “complement the strong bipartisan work of the Senate Special Committee on Aging which has effectively promoted member understanding on a range of issues, including the concerns of grandparents raising grandchildren, elder abuse and fraud, the effects of the COVID-19 pandemic on older Americans and their families, the importance of financial literacy in planning for retirement, and the costs associated with isolation and loneliness.”

Magaziner talks turkey about H. Res. 1029

“Older Americans have worked hard their entire lives, and they deserve to retire and age with dignity,” says Magaziner, noting he became the primary sponsor of H. Res. 1029 because it “ensures that seniors in Rhode Island and across the country have their voices heard, needs met, and can enjoy their golden years with peace of mind.”

Magaziner was recently on parental leave and was unable to meet with former HSCoA staffers and aging advocates. He notes, however, that “my staff was able to listen to and gain valuable insight into the successes of the Committee and its role in fighting for America’s aging population.”  

According to Magaziner, his staff is working hard to tell other offices about the benefits of the proposed Committee and will continue to look for ways to raise the profile of this resolution to encourage other Members to become co-sponsors. “I am proud that this resolution received the recent endorsement from the LCAO, along with other prominent organizations including the National Committee to Preserve Social Security & Medicare, AARP, Alliance for Retired Americans, Social Security Works and Meals on Wheels America,” he said, stressing that the support of advocates is important to encouraging House lawmakers to cosponsor the resolution. 

Magaziner stresses that getting bipartisan support for H. Res. 1029 is important to him.  “I’m ready to work with anyone, from either party, to deliver results for Rhode Island—and that includes finding common ground on important legislation like H. Res. 1029,” he says.  “There’s still room for bipartisanship, and ensuring we address issues for seniors across the country should be an area where we can all agree,” he adds, calling on his Republican colleagues to work together with Democrats to move our country forward.

If not this year, push for next Congressional session

But with 98 days left before the upcoming presidential election, can Magaziner push H. Res. 1029 across the goal line?

With the House beginning its 6-week August recess, Bob Blancato, former Staff Director of the, Subcommittee on Human Services, urges voters to ask their lawmakers to support H. Res. 1029 if they are not a cosponsor. “Find them at public events and raise [the importance of their support], he suggests.  

Blancato sees the importance of Cong. Magaziner sending another “Dear Colleague” letter to House lawmakers in soliciting cosponsors. “They should also target some of the House Caucuses, such as the bipartisan Congressional Woman’s Caucus and the Assisting Caregivers Caucus,”  he recommends.

According to Bob Weiner, former Chief of Staff, House Select Committee on Aging under Chairman Claude Pepper (D-FL), the timing to push this resolution is after the upcoming presidential election.  “Most important will be to hit the ground RUNNING at the start of the next Congress, with the agreement by Cong. Magaziner to introduce the first new session day, and give him and the allied groups and supporters the immediate opportunity to build cosponsors at that time,” he says, stressing that the count for the next Congress begins in the next Congress, which could well be a different party majority. “This is a terrific resolution which can have significant impact helping older Americans to protect and build their health and livelihoods, he adds.

Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM) and a long-time member of the LCAO, agrees with Weiner’s assessment.  “Historically, the House Permanent Select Committee on Aging served as a unique venue that allowed open, bipartisan debate from various ideological and philosophical perspectives to promote consensus that, in turn, helped facilitate the critical work of the standing committees.  We believe that issues affecting seniors would be best advanced by the re-establishment of such a Committee in the House. Reestablishing a Select Committee on Aging in the House would also complement the strong bipartisan work of its counterpart in the Senate.”

“As was emphasized in the LCAO endorsement letter, we need Cong. Magaziner to tactfully work for bipartisan support of his House Resolution — a commitment he made to the voters in a 2022 campaign press conference that I attended,” says Vin Marzullo, former federal civil rights & social justice administrator and a Board member of Senior Agenda Coalition.

“Additionally, since the Magaziner resolution has less than half of the cosponsors obtained by former Cong. Cicilline, both the Congressman and his staff must step up their outreach efforts to Congressional members on the floor, related House Committee Chairs, House Caucuses, & the House Minority Leader,” he said, noting that grassroots efforts led to the support of Cong. Josh Gottheimer (D-NJ), Co-Chair of the bipartisan Problem Solvers Caucus”, stated Marzullo, also a former AARP RI President.  

For details about the HSCoA, go to https://rinewstoday.com/congressman-magaziner-takes-baton-on-bringing-back-house-aging-committee-herb-weiss/.

RI Gubernatorial Forum to ask, “what’s your Senior Agenda”

Published in RINewsToday on August 1, 2022

The Senior Agenda Coalition of RI (SACRI) has joined 17 organizations to bring you Rhode Island’s 2022 Gubernatorial Forum where candidates will talk about senior issues. The event is scheduled for Wednesday, August 3, 2022, at 10:00 a.m. at the East Providence High School’s new 900-seat capacity auditorium. Seating is limited to 450 people, leaving space for social distancing. Doors will open at 9:30 a.m. At press time, 350 seniors and aging advocates have registered to attend in person or virtually.    

“Senior issues must be viewed as a public policy priority because Rhode Island’s older population is growing dramatically,” says Bernard J. Beaudreau, SACRI’s Exec. Director, and one of the event’s organizers. According to Beaudreau, the U.S. Census Bureau estimates that the state’s total population of 65 years and older has grown by 20% from 152,183 in 2010 to 182,486 in 2020, adding 30,303 people in this age group. Rhode Island’s statewide planning projections also indicate that people sixty-five and older will grow to over 247,000 by 2030, an increase of 65,000 seniors over the 2020 census.

Gubernatorial candidates to delineate positions on key Senior Issues

“During the 90-minute forum, the gubernatorial candidates will share their positions on seven questions, hammered out by event cosponsors, as to how they would address a variety of policy issues impacting older Rhode Islanders,” says Beaudreau.  “Attendees will learn how candidates would rebuild and sustain a viable workforce for nursing homes and homecare providers. They will also be asked about their plans for Medicaid rebalancing and expansion to improve home and community-based care opportunities while ensuring the financial viability of nursing homes,” he says. 

Beaudreau says the forum also gives the gubernatorial candidates an opportunity to detail their strategies on how resources can be increased to significantly support healthy aging in the community. They will be asked by the moderator what type of assistance will be given to low-income seniors, and will they support a yearly cost-of-living adjustment to the state SSI payment and increase eligibility for the Medicare Savings Programs for seniors and people with disabilities to at least 185% FPL.

The attendees will also learn how the candidates, if elected governor, will ensure that an adequate amount of the $250 million in funding for affordable housing is allocated for seniors and how they will work to ensure equal access to high quality healthcare and information about available health care resources.

Finally, the gubernatorial candidates will be asked to make a pledge to address the needs of Rhode Island’s older population and provide the leadership and resources necessary to create and implement a Rhode Island Strategic Plan on Aging.

Recognizing the political clout of Seniors

“SACRI’s upcoming Gubernatorial Candidates’ Forum is important as older adults historically have high turnout in elections and the Forum provides an opportunity to hear the candidates’ views on issues important to seniors,” says Maureen Maigret, Chair of the Long-Term Care Coordinating Council’s Aging in Community Subcommittee. “The Forum should cause candidates to take a serious look at the state’s demographics, to note how the older population is growing, and to reflect on how government can best support older adults’ desire to remain healthy and living in the community and provide quality facility care when needed,” says Maigret.

“The Forum allows us to set forth policy priorities and hold whoever is elected accountable for addressing them. An example of this is when former Governor Raimondo was elected. She had been presented with priorities for restoring budget cuts to senior services such as Meals on Wheels and some of the cuts were restored in her budgets,” Maigret noted.

SACRI’s Beaudreau says that the senior vote will influence the outcome of the upcoming primary and mid-term. “Rhode Island seniors 60 years of age and older represent 34% of all registered voters and accounted for 42% of the vote in the 2020 general election. Rhode Island seniors have higher voter participation rates than the rest of the population,” says Beaudreau, this being 77% compared to 57% for voters under 60 years of age. “We have a powerful voice to be exercised to impact public policy,” he says.

Political pundit Wendy J. Schiller sees seniors as a crucial voting bloc in American politics. “On average, 72% of voters over the age of 65 turn out to vote in presidential elections, as compared to about 48.6% of voters under the age of 30. Seniors are consistent and typically well-informed voters on issues concerning Social Security and Medicare,” says Schiller, Royce Family Professor of Teaching Excellence in Political Science and Director of the Taubman Center on American Politics and Policy, Brown University. 

According to Schiller, in the past 3 elections, “seniors have split about 55-56% for the Republicans, and 45-46% for Democrats. Seniors have been viewed as more conservative (Sun City AZ, the Villages FL) but the data do not really bear that out as you can see. There is a tilt, but not a full lean toward the GOP; this midterm season might be different though. If the 22 midterm elections were held tomorrow, you might expect to see even a bigger swing toward GOP candidates than usual because of inflation alone. Inflation is just one area where there is a gap in issue concerns between older and younger voters. Older voters worry a great deal about inflation eating into their savings and pensions that are not adjusted for inflation while younger voters may be as concerned with climate change and abortion rights as much or even more than they are worried about inflation,” she says.  

Schiller says that seniors are like all other voters in that they are highly influenced by their political party affiliation, even in cases where the party proposes policies that run against their interests. “The GOP has proposed cutting Medicare ever since it was created, most recently under President Trump, but they are not careful to say that such cuts would not affect current recipients or even people aged 55 or over and the majority of seniors voted for Donald Trump in 2020. Democrats ran into some trouble with seniors when Bernie Sanders and others proposed Medicare for All because seniors thought it would dilute their own services through Medicare, and/or raise their premiums,” adds Schiller.      

Adds well-known Rhode Island Political Strategist, Rob Horowitz, “As a group, seniors vote more regularly than any other age group. In the 2020 presidential election, for example, more than 3-in-4 people eligible voters between the ages of 65 to 74 voted as compared to about 2-in-4 eligible voters between the ages of 18 to 24. Since Rhode Island has an older population, seniors are a key group in pretty much every state and local election.  Winning campaigns in Rhode Island and throughout the nation devote time and advertising dollars to reaching seniors.”

According to Bob Weiner, former chief of staff director of the House Select Committee on Aging under Florida Congressman Claude Pepper and former spokesman for both the Clinton and Bush White Houses, no one can forget the clout of older voters because they are the most motivated demographic group to vote. “They can’t be broken out by political parties as people expect,” observes Weiner, noting that it is a very close 50-50 split vote. “Older voters vote Democratic and Republican; the Democrats must do more to capture the senior vote.  It’s close. In 2020, while Joe Biden won the popular vote by 7 million, Donald Trump won the senior vote 52% to 47%. It’s not a matter of party. Seniors’ quality of life is not political,” he says.

“But on the issues, they will tear apart a candidate who doesn’t support Social Security, Medicare and the rights of seniors to have continued employment and privileges in society,” Weiner notes.

“So, anybody who thinks they can get away with some horrible position, such as cutting back Social Security or Medicare in five years or utilizing the myth that Social Security is in deficit crisis, they can’t  because it has a 2 trillion surplus resulting from Claude Pepper negotiations to keep the program fully solvent through 2034,” Weiner says, noting that it only needs a “little repair” to keep it going.    

“Anybody who thinks that they are going to use Social Security and seniors to fund other federal government operations is badly mistaken,” says Weiner. “When President Bush wanted to privatize Medicare and Social Security and made a campaign out of that he actually helped lose congressional seats in an off-year election,” said Weiner, warning political candidates to think twice when thinking about balancing the federal budget on the backs of the nation’s elderly. 

“Voting Gives You Power”

“In Rhode Island and across the country, the data clearly show that voters aged 50+ will be the deciders in the 2022 elections,” said AARP Rhode Island State Director Catherine Taylor. “We are working with dozens of advocacy volunteers who are fighting for voters 50+ to make their voices heard on the issues that matter – especially in Rhode Island where we are in the midst of a housing crisis, nursing homes are in jeopardy, the cost of long-term care is skyrocketing and where people want leaders who are committed to making local communities more livable.

“At the federal level, older voters want to know candidates’ positions on protecting and strengthening the Social Security benefits Americans have paid into and earned through years of hard work, protecting and improving Medicare benefits, lowering prescription drug prices, and supporting family caregivers who risk their careers and financial futures to care for parents, spouses, and other loved ones,” Taylor said.

“Voting gives you the power to decide what our future looks like,” she continued “But you have to be in the know to vote. AARP Rhode Island has collected the most up-to-date election information, including key dates and deadlines, to make sure that the voices of voters 50+ are heard. We are doing everything we can to make sure older Rhode Islanders are prepared to vote and know the safe and secure voting options included in the new, AARP Rhode Island-backed Let RI Vote Act. In mid-August, we will offer a Video Voter Guide posted along with all the latest election information at aarp.org/RIvotes,” Taylor said.

Co-sponsoring this event is a broad coalition of 18 service providers and advocates: 

A Community Together, Alzheimer’s Association of RI, Carelink, Community Partners Network of RI, Economic Progress Institute, Leading Age RI, NAACP Providence Branch, Ocean State Center for Independent Living, PACE, Progreso Latino, RI Assisted Living Association, RI Elder Info, RI Health Care Association, RI Organizing Project, RI Senior Centers Directors Association, SEIU Healthcare 1199, Senior Agenda Coalition of RI and Village Common of RI.

in the high school’s new 900-seat capacity auditorium. 

To read AARP web blog articles discussing the impact of senior voters at the polls, go to: 

www.aarp.org/politics-society/government-elections/info-2022/older-voters-midterm-issues.html

www.aarp.org/content/dam/aarp/research/surveys_statistics/politics/2022/aarp-targeted-congressional-districts-survey-voters-18-older.doi.10.26419-2Fres.00550.033.pdf

https://press.aarp.org/2022-4-6-Women-Voters-Age-50-Over-Will-Decide-Balance-Power-Next-Election