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SSA Trustees Report Calls on Congress to Fix Social Security and Medicare

Published in RINewsToday on June 22, 2026

Congress faces the urgent legislative task of ensuring the long-term viability of the nation’s Social Security program. As in previous years, the Social Security Board of Trustees’ 2026 report warns that without congressional action, the OASI and DI Trust Funds will pay full benefits only through 2034. Afterward, payroll tax revenue will cover about 83% of scheduled benefits, highlighting the need for timely Congressional intervention.

Federal law requires that trust fund-financed programs such as Social Security and Medicare pay out only as much in benefits as they receive in revenues once their trust fund reserves run out.

According to the Social Security Administration (SSA), about 21% to 22% of the U.S. population currently receives Social Security benefits. The released Trustee’s report notes that at the end of 2025, Social Security paid benefits to more than 70 million Americans: 56 million retired workers and their dependents, 8 million disabled workers and their families, and 6 million survivors of deceased workers. Medicare covered an estimated 69.3 million people.

The Trustees also said that recent congressional actions, including the Social Security Fairness Act and changes to the taxation of Social Security benefits, weakened the program’s long-term financial outlook.

The Social Security Board of Trustees is the group that issues the annual report on the financial health of Social Security’s trust funds — the Old-Age and Survivors Insurance fund and the Disability Insurance fund.

It has six seats:

1.    Secretary of the Treasury — also the Managing Trustee

2.    Secretary of Labor

3.    Secretary of Health and Human Services

4.    Commissioner of Social Security

5.    Public Trustee appointed by the President and confirmed by the Senate

6.    Public Trustee appointed by the President and confirmed by the Senate

As of the 2026 Trustees Report, the current government-position trustees are:

·         Scott Bessent, Secretary of the Treasury and Managing Trustee

·         Keith E. Sonderling, Acting Secretary of Labor

·         Robert F. Kennedy Jr., Secretary of Health and Human Services

·         Frank J. Bisignano, Commissioner of Social Security

The two public trustee seats are currently vacant

Demographic Changes Strain Social Security Finances

The annual Trustees Report, released on June 9, said several long-term demographic trends strain the financial stability of Social Security, as fewer workers pay payroll taxes into the program to support a growing population of beneficiaries.

Americans live longer and collect benefits for more years, while millions of Baby Boomers continue to retire. Birthrates stay below historical levels, so fewer workers enter the labor force.  Lower levels of immigration increase financial pressure by reducing the number of workers who pay payroll taxes.

The combined Social Security trust funds are currently projected to pay full benefits through 2034. However, the outlook for the Old-Age and Survivors Insurance (OASI) Trust Fund has weakened slightly. Trustees project OASI reserves will be depleted in late 2032. At that point, revenues are expected to cover only about 78% of scheduled OASI benefits, compared to the overall 83% coverage for all Social Security benefits after combined depletion.

The Trustees Report also notes that Social Security’s disability program remains financially stable. The Disability Insurance (DI) Trust Fund is expected to stay adequately financed throughout the 75-year projection period and pay full benefits without interruption.

Taking a Look at Medicare

Also released on June 9, the 2026 Medicare Trustees Report found that Medicare remains financially stable in the near term but faces significant long-term funding shortfalls caused by rising health care costs and an aging population.

According to the Trustees, Medicare spending will grow faster than revenues dedicated to financing the program. The health care needs of retiring Baby Boomers, growing Medicare enrollment, rising medical costs, and increased spending for services used frequently by older adults—including skilled nursing care, home health care, and hospice services—largely drive this increase.

The Medicare Hospital Insurance (HI) Trust Fund, which pays for Medicare Part A services, is projected to be depleted in the second quarter of 2033—three months earlier than last year’s prediction. After depletion, Medicare Part A would be able to cover about 89% of its costs from incoming revenue. Part A covers inpatient hospital stays, skilled nursing facility services, home health care, and hospice care.

Congress must act within the next seven years to prevent significant reductions in Medicare payments to providers. Addressing the projected shortfall before the 2033 trust fund depletion is essential to avoid an estimated 11% funding gap.

Unlike Part A, Medicare Parts B and D are not expected to face trust fund insolvency because they are financed through a combination of beneficiary premiums and general federal revenues.

Max Richtman, President & CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM), says a range of proposals could help extend the solvency of Medicare’s Hospital Insurance (HI) Trust Fund without reducing benefits.

Among the options, says Richtman, are raising the Medicare tax rate on earned and investment income above $400,000 from 3.8% to 5%, and closing loopholes that allow some high-income business owners to avoid Medicare taxes by structuring income in ways that escape both payroll taxes and the Net Investment Income Tax (NIIT). NCPSSM also supports redirecting revenue from the 3.8% NIIT—currently deposited into general federal revenues—directly to the HI Trust Fund, he says, noting that the group estimates this change could generate roughly $500 billion over 10 years.

In addition, Richtman recommends building on the prescription drug reforms in the Inflation Reduction Act by expanding Medicare’s ability to negotiate drug prices, accelerating negotiations as more medications are added, and extending inflation-rebate requirements to commercial insurance plans. Savings from these measures, he says, would be credited directly to the HI Trust Fund, further strengthening Medicare’s long-term outlook.

Reactions From Advocacy Groups and Lawmakers

In a statement, AARP CEO Dr. Myechia Minter-Jordan warned that the 2026 projections show Congress still must close a financing gap of nearly 20%, or Americans could face benefit reductions they cannot afford.

“This should be a wake-up call: Congress needs to act. Americans have worked hard and paid into Social Security their entire lives, and they deserve to count on it when they retire,” she said. “They planned for retirement, followed the rules, and now Congress must keep its promise by strengthening, not cutting, Social Security,” Minter-Jordan added, urging lawmakers to work across party lines to strengthen the program.

“The Social Security Trustees Report is a clarion call for Congress to strengthen the program now before the looming depletion of the trust fund becomes a full-blown crisis,” said NCPSSM’s Richtman in a released statement.

“If Congress fails to act, the combined retirement and disability trust fund reserves will run dry in 2034, and beneficiaries will suffer an automatic 17% cut—a scenario few want to see happen. Lawmakers should not wait until the last minute when options become more limited and remedies more costly,” he said.

Richtman also argued that benefit reductions are not necessary to restore Social Security’s financial health and that beneficiaries living on fixed incomes should not bear the burden of strengthening the program.

In a statement, Nancy Altman, president of Social Security Works, likewise emphasized that the Trustees Report demonstrates the consequences of inaction.

“As the Trustees Report plainly states, if there is insufficient revenue, Social Security benefits will be automatically cut,” Altman said.

On June 15, 2026, House Speaker Mike Johnson said during a Louisiana radio interview that Republicans would like to address the growth of mandatory federal spending programs in future budget discussions, including Social Security. He argued that the federal budget is increasingly driven by automatic spending commitments and said that Social Security and other entitlement programs “have to be adjusted and fixed.”

Responding to Johnson’s remarks, Altman argued that some Republican proposals would move Social Security toward privatization, a characterization that supporters of those proposals dispute. She also criticized proposals that would reduce future benefits rather than increase revenues to strengthen the program.

Public opinion surveys consistently show strong bipartisan support for preserving Social Security benefits. Altman argued that proposals to reduce benefits through means testing or other changes would be unpopular with voters and called on congressional candidates to explain how they would address the program’s long-term financing challenges.

During a June 10 morning hearing of the Joint Social Security and Work & Welfare Subcommittee with Social Security Commissioner Frank Bisignano, held in room 1100 at 100 Longworth House Office Building, Rep. Jason Smith (R-MO) noted that Social Security benefits have only been modified twice in 40 years, most recently in 1983, with only minor changes under his chairmanship of the House Committee on Ways and Means in 2025.

“Congress needs to get its act together to address Social Security and the insolvency that’s coming instead of poking blame at other people when it is our duty, our responsibility,” Smith said, urging bipartisan cooperation between Republicans and Democrats to reform the program. He called for the protection of vulnerable populations who depend entirely on Social Security for retirement and a dignified standard of living, particularly in the rural communities they represent.

“This latest report from the trustees is proof that Congress must step up now to protect Social Security before it’s too late. It’s only going to cost more and be more difficult to solve the longer we wait,” said Sen. Bill Cassidy (R-La.) in a statement issued on June 10, outlining his plan to rescue Social Security by creating a sovereign wealth fund independent of the Social Security Trust Fund.

Cassidy joined Sens. Thom Tillis (R-N.C.), Dick Durbin (D-Ill.), and Tim Kaine (D-Va.) in issuing a bipartisan statement following the release of the Trustees Report. The senators said that “Congress shouldn’t delay any longer” and urged lawmakers to begin debating and voting on proposals to strengthen Social Security’s long-term solvency.

Putting Social Security on the Ballot

The Trustees’ Report makes it very clear that Social Security and Medicare are not facing an immediate financial crisis. Both programs will continue paying benefits for years to come. However, these reports also warn Congress that delaying action will make the eventual policy solutions more difficult to achieve and potentially more disruptive.

Many Republican proposals focus on slowing future benefit growth through measures such as raising the retirement age, modifying cost-of-living adjustments, or expanding means testing, while many Democrats favor increasing revenues by requiring higher-income Americans to contribute more into the system.

Over a year ago, lawmakers introduced a major bill to rescue Social Security and Medicare. Senator Sheldon Whitehouse (D-RI) introduced the Medicare and Social Security Fair Share Act (S. 1690) to ensure both programs remain stable in the future. The plan raises money by closing tax loopholes for ultra-wealthy Americans, but it completely shields anyone making under $400,000 a year from paying higher taxes. Representative Brendan F. Boyle (D-PA) brought the exact same bill to the House floor at the same time.

Legislative proposals, such as Whitehouse’s, to adjust the taxable wage cap or apply payroll taxes to certain forms of investment income have also been offered as ways to ensure Social Security’s fiscal solvency.

A new voter education campaign is highlighting the financial challenges facing Social Security. Led by NCPSSM’s Richtman, the “Social Security is on the Ballot” initiative aims to build public support for legislative solutions, including Sen. Whitehouse and Rep. Boyle’s proposed Fair Share Act, to help secure funding for the program.

There are many issues competing for voters’ attention this year,” explains Richtman, “But few will have such a profound effect on your future. Voters should insist [at the ballot box] that the fundamental promise of Social Security be preserved – as the program is strengthened for the future,” he said.

This multi-faceted campaign will encompass social media, short web videos, special editions of our “You Earned This” podcast and radio show, mailings, and grass-roots engagement/activism.

For over 70 million older Americans who rely on their Social Security and Medicare benefits, the Trustees’ Reports deliver a very clear message: Congress must act sooner rather than kicking the proverbial can down the road (as it usually has). As the projected trust fund depletion dates draw closer, lawmakers will need to work across the aisle to strengthen these programs and ensure they remain financially sound for current beneficiaries and future generations.

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For a copy of the 2026 Social Security Trustees Report, go to The 2026 OASDI Trustees Report

For a copy of the 2026 Medicare Trustees Report, go to 2026 Medicare Trustees Report

Will Social Security survive the midterms?

Published in RINewsToday on October 31, 2022

With the midterm elections just a week away, the sputtering economy and inflation top the public’s agenda. If voters hold President Joe Biden and Democratic lawmakers accountable for these concerns, voting for Republican candidates might just give control of Congress to the GOP.  By controlling the legislative agenda of both chambers, the GOP could drastically impact the future of Social Security and Medicare, warns the Washington, DC-based Center for American Progress (CAP), a public policy research and advocacy organization.   

House Minority leader Kevin McCarthy (R-CA) signaled on Oct. 18 during a Punchbowl News interview that the GOP would use next year’s debt limit threat as a bargaining chip to force spending cuts to entitlement programs including Social Security and Medicare, warns CAP, sounding the alarm in an Oct. 21st website article.

CAP’s article reported that McCarthy’s statement reveals how he might use the upcoming debt-limit debates next Congress to make cuts in entitlement programs if he takes control of the House’s legislative agenda next Congress. “You can’t just continue down the path to keep spending and adding to the debt.  And if people want to make a debt ceiling {for a longer period of time}, just like anything else, there comes a point in time where, okay, we’ll provide you more money, but you got to change your current behavior.” When pressed on whether the GOP would seek cuts to entitlement programs in a debt ceiling fight, the House Minority Leader refused to take Social Security and Medicare cuts off the table, saying “he wouldn’t predetermine anything,” he said.

Over the past ten months some Republican lawmakers have transparently outlined their plans to change the entitlement programs, noted CAP, detailing these examples:  

Nearly 75% called for slashing and privatizing Social Security, raising the retirement age to 70, and ending Medicare as we know it as part of the Republican Study Committee FY 2023 budget, says CAP.  

According to CAP, statements made by two Republican Senators might gain traction in a GOP controlled Congress.  Specifically, Rick Scott (R-FL), Chair of the National Republican Senatorial Campaign Committee, might gain support for his “Rescue America” plan, that would sunset Social Security and Medicare after five years, and recreate it every five years.

Over four months ago, Senator Lindsey Graham (R-SC), a key Republican on the Senate Budget Committee, promised “entitlement reform is a must for us to not become Greece” if the Republicans control the upper chamber,” noted CAP. 

CAP also noted that Republican Senate and House candidates in hotly contested races also called for changes to Social Security and Medicare and prescription drug reforms that lower drug costs for seniors. 

Added CAP, “Forty seven percent of Republican candidates for U.S. House running in toss-up districts, according to the Cook Political Report, actively support ending Social Security or Medicare as we know it.”

House and Senate Republicans are calling for the repeal of the recently enacted Medicare drug reforms. “In a Sept. 2022 story in Axios, several House Republicans called for repealing the prescription drug reforms included in the [recently enacted] Inflation Reduction Act.  Rep. Kevin Brady (R-TX), the ranking member of the powerful House Ways and Means Committee, saying, “I would image that will be a top priority for Republicans in the new [Congress],” says CAP.

Even before the dust settles after the upcoming midterm elections, Republican Senators have sponsored legislation to eliminate Medicare prescription reforms, says CAP.  “Senate Republicans Marco Rubio (R-FL), Mike Lee (R-UT), Cynthia Lummis (R-WY), and James Lankford (R_OK) have sponsored legislation to repeal the Inflation Reduction Act’s prescription drug provisions, including the creation of a $2,000 out-of-pock cap on prescription drug spending for Medicare Beneficiaries; a crackdown on drug companies that increase drug prices in the Medicare program faster than inflation; and empowering Medicare to negotiate for lower prescription drug prices,” notes the web article.  

Can Rhode Island’s new congressman stand up to House GOP leadership?

Throughout the CD2 campaign, RI General Treasurer Seth Magaziner has tried to tie former Mayor Allan Fung to the GOP agenda to cut Social Security and Medicare.  Fung has called his Democratic opponent “a liar,” stating that his own mother relies on her Social Security check. During his debates, the GOP candidate says,  “Do you think I would ever do anything to hurt my own mother?” he says.

Fung calls for bipartisan support to strengthen Social Security – like “Scrapping the Cap” that will tax persons at higher incomes, and for the expansion of coverage for dental work, vision care, and hearing aids.  

Fung also distances himself from the far-right Republicans by consistently saying he has a long history of being a political moderate and taking a balanced approach and working across the aisle to get things done. He pledges to co-sponsor bipartisan legislation.

While Fung stays razor focused on tying Magaziner, President Biden and Congressional Democrats to causing high inflation rates and a sputtering economy, Magaziner says don’t forget about Social Security and Medicare.

In an interview with Politico Fung said, “I’ve always been that middle-of-the-road, common sense-type person. They’re talking like, ‘Oh, there’s this radical Republican.’ That’s not me.”

Politico continues, “Fung is among a small cadre of centrists looking to revive the mantle of New England Republican in the House. They’re largely running away from Trump and social conservatism, hitting their Democratic opponents on record-high prices and betting that inflation worries over everything from home heating oil to fertilizer will resonate in the region’s mix of tiny blue-collar cities, wealthy suburbs and family farms.”

Fung talks frequently about his intent, if elected to be involved in the “Problem Solvers Caucus”,  an independent member-driven group in Congress, comprised of representatives from across the country – equally divided between Democrats and Republicans – committed to finding common ground on many of the key issues facing the nation. He hopes to have a leadership role in this group, bringing a more moderate Republican influence to Congress.

As a moderate freshman congressman, can Fung be a strong voice to the GOP leadership against any proposal that would make cuts to Social Security and Medicare?  As a moderate freshman congressman, can Magaziner be a strong voice to the Democratic leadership?

It’s clear that after a Congressman (Langevin) with considerable years of clout in congress, both candidates will have a path in front of them to create their own influence and strength.

Older Georgian Voters Key to Winning Senate Runoff Election

Published in the Pawtucket Times on December 21, 2020

Weiss Both Democrats and Republicans know that the proverbial clock is ticking.  It’s 15 days before the Georgia’s Senate runoff election scheduled for Jan. 15.   At press time, 1,336,136 registered Georgia voters have gone to the polls, says the U.S. Election Project.   The percent turnout of registered voters is 17.5 percent.    

Although Democrat presidential candidate Joe Biden beat President Trump to take the White House and the House Democrats maintain a very slim majority in their chamber, GOP Senate Majority Leader Mitch McConnell can still block Democratic legislative proposals by controlling the upper chamber’s agenda.  He must keep two GOP Senate seats up for grabs in next month’s U.S. Senate runoff in Georgia.  A Democratic win will give the party a majority 50 Senate seats, with Vice President Kamala Harris breaking a tie.  In order to pick up the two GOP Senate seats, held by incumbent Senators David Perdue and Kelly Loeffler, Democrats must successfully mobilize voters and adequately fund the campaigns of the Democrat candidates Jon Ossoff and Raphael Warnoc. 

Capturing Georgia’s Senior Vote 

A new poll, released on Dec. 11 by AARP Georgia, predicts that age 50 and over voters may well bring the two Democratic Senate candidates to Capitol Hill.  Social Security, Medicare and Nursing home protections are key issues for these older voters, says the pollsters.

 The survey of 1,250 2020 Georgia voters, including 857 age 50-plus voters and an oversample of 358 Black voters age 50-plus, was conducted on behalf of AARP by the bipartisan team of Fabrizio Ward and Hart Research Associates between Nov. 30 and Dec. 4, 2020.  The telephone/cell phone poll results were published in a 11-page report, “50+ Voters and the Georgia State Runoff Elections.”   

According to AARP Georgia’s bipartisan poll, both U.S. Senate races are statistically tied, with Democrat Jon Ossoff (48 precent) narrowly leading Republican incumbent David Perdue (46 percent) and Democrat Raphael Warnock (47 percent) edging out Republican incumbent Kelly Loeffler (46 percent). But among voters age 50 and over, the poll shows both the Republican candidates lead their Democratic challenger by identical margins, 53 percent for Perdue and Loeffler versus 42 percent for Ossoff and Warnock. Just percent of the voters are undecided.

Further, the poll found majorities of Republicans and Democrats age 50 and over are more likely to vote for a candidate advocating for policies that protect older Americans, like using Medicare’s buying power to help lower drug prices. “These results show that both races are a dead heat and time is running out for candidates to address the concerns of 50-plus voters,” said AARP Georgia State Director Debra Tyler-Horton in a statement announcing the release of the poll’s results. “To win, candidates must discuss the issues that matter to 50-plus Georgians now – like preventing cuts to Social Security and Medicare, lowering drug prices and protecting seniors in nursing homes,” she says.  

Georgia’s Republican and Democratic 50-plus voters told the pollsters that they are much more or somewhat more likely to support a Senate candidate who advocates to protect Medicare (Republicans 83 percent, Democrats 96 percent) and to allow the national health insurance program to negotiate with drug companies (Republicans 93 percent, Democrats 94 percent).  The survey’s respondents also wanted Congress to protect Social Security (Republicans 90 percent. Democrats 93 percent). 

Additionally, the older survey respondents call for more protections for nursing home residents during COVID-19 (Republicans 79 percent, Democrats 95 percent).  They want Congress for providing tax credits for family caregivers to help offset costs (Republicans 69 percent, Democrats 90 percent), and support the strengthening of federal age discrimination laws (Republicans 53 percent, Democrats 81 precent). 

As to today’s COVID-19, pandemic, the AARP Georgia survey findings indicate that older Georgian’s willingness to get vaccinated against COVID-19 has increased a substantial 14 points—from 41 percent to 55 percent—since September, when over half said they would not agree to be vaccinated.  And two in five 50-plus voters told pollsters that nursing home safety is “extremely important” to them in 2020.  It’s especially important to Black voters (53 percent), people who know someone who died from COVID-19 (51 percent), and to those who worry a lot about getting COVID-19 (48 percent). 

NCPSSM to Encourage Turnout of Older Georgia Voters

Recognizing the importance of mobilizing Georgia’s older voters, the Washington, DC-based National Committee to Preserve Social Security and Medicare (NCPSSM) announced the launching of a voter outreach campaign in the Peach State to encourage turnout and promote Democratic Senate candidates Warnock and Ossof as advocates for the state’s seniors. The campaign includes radio ads in the Atlanta market, postcard mailings to thousands of National Committee members and supporters throughout the state, and social media outreach to the Georgia’s voters.The National Committee has made a five-figure advertising buy on three Atlanta radio stations beginning December 15th through the runoff election on January 5th. 

“Only two candidates are ready to put Georgia seniors’ health and economic well-being first, Jon Ossoff and Rev. Raphael Warnock,” the radio ad tells voters.  Postcards are being mailed to more than 7,000 National Committee members in Georgia, bearing the message, “Your best future starts with your vote for John Ossoff and Raphael Warnock.”

“We need the leadership, vision and determination of Raphael Warnock and Jon Ossoff to fight for seniors in the U.S. Senate. They will work to protect Social Security and Medicare from harmful proposals to cut the benefits Georgians have earned.  They will be voices to strengthen the critical lifelines of Social Security and Medicare during the COVID pandemic, when older Georgians are counting on their earned benefits more than ever,” said Max Richtman, NCPSSM’s president and CEO.  “Georgia has 1.3 million Social Security beneficiaries and 1.8 million Medicare enrollees.  The average Social Security benefit in Georgia is $1,500 per month.  Those benefits provide $45.3 billion in annual economic stimulus to communities across the state, he notes.

While Warnock and Ossoff earned the National Committee’s endorsement by making it clear that they will standup to protect and strengthen Social Security, the incumbent GOP Senators David Perdue and Kelly Loeffler have paid lip service to protecting Social Security, says Richtman.  As U.S. Senators, they have supported GOP positions of cutting the benefits of future beneficiaries and deferring Social Security’s payroll tax last August that will force workers to repay those funds back in early 2021, he says.

Controlling the Senate’s Legislative Agenda

“Wins by Warnock and Ossoff would not only be a victory for Georgians. It would give President-elect Biden and his party the power in the U.S. Senate to actually get things done for seniors after four years of obstruction, says Richtman.

For a copy of AARP Georgia’s poll findings, go to:
https://www.aarp.org/content/dam/aarp/research/surveys_statistics/politics/2020/2020-election-battleground-states-senate-georgia-runoff-election.doi.10.26419-2Fres.00401.029.pdf