The 90th anniversary of Social Security came and went Thursday, August 14, as did programs acknowledging and celebrating it.
At a Columbus town hall on the program, U.S. Rep. Joyce Beatty reminded supporters and other seniors that President Donald Trump and congressional Republicans promised not to cut Social Security the same way they promised not to cut Medicaid, but did just that..
“People are concerned, people are frustrated, people are scared and we’re talking about taking away, to quote what many of the participants said today, hard-earned money that they have worked for,” Beatty said.
She’s right. People are concerned, frustrated and scared—and rightly so. That said, the problems with Social Security go beyond the fear of what Trump and GOP lawmakers may or may not do.
The reality is Democrats and Republicans have failed Social Security, and benefits Americans receive could be dramatically slashed in as little as 7 years if lawmakers don’t act.
Elected officials from both parties have an obligation to fix Social Security. Yet despite having had both the opportunity and the power, neither side has done so.
The biggest countdown
In May, AARP started counting down to the monumental day when Social Security, a benefit for retirees and those who can not work due to disabilities, was launched.
A man holds back the hands of time on a large clock that stands in front of a large Social Security card. The image conveys the issues of the solvency of the social security system or a person’s invetibile march toward their eligiblity for social security.
There is another countdown that should deeply concern Americans— our politicians in Congress, who can right the ship in particular.
Since 2010, Social Security has distributed more money than it receives in taxes.
If Republicans and Democrats in the Capitol continue to fail all Americans by punting the can down the road, the Social Security trust fund is projected to run dramatically short by 2034, a year earlier than the Social Security Administration reported in 2024.
“At that time, the fund’s reserves will become depleted and continuing program income will be sufficient to pay 77% of total scheduled benefits,” the agency’s June report reads.
In other words, Social Security benefits that seniors depend on will be cut by 23% within eight years.
That projection is slightly better than the Committee for a Responsible Federal Budget’s estimation that benefits will drop 24% within seven years.
The think tank included the impact of the One Big Beautiful Bill Act signed July 4.
Under the committee’s conclusions, a dual-earning couple retiring at the start of 2033 would see their annual benefits cut $18,100.
People are frustrated, people are scared
Younger Americans have long been skeptical about the future of Social Security. Now, those concerns are growing among older Americans.
According to a July 22 AARP survey, 96% of Americans consider Social Security important, but only 36% are confident in the future of the retirement trust fund.
Of that, 25% of those ages 18 to 49 voiced confidence in the program’s future. That compares with 48% of those 50 and older.
Sixty-six percent of retirees said they relied substantially on Social Security. Another 21% indicated they rely on it somewhat.
A separate July survey from Alliance for Lifetime Income, found that 58% of Americans aged 45 to 75 fear Social Security will be cut due to the Trump administration’s recent actions.
Fifty-two percent in that age range expressed less confidence in Social Security than they had five years ago.
The coming crisis can be averted
It will not be easy to shore up Social Security, but doing so is a necessity and should be a congressional priority to avoid the impact on 68 million recipients, the vast majority whom are retired workers or their dependents.
The Government Accountability Office, the investigative arm of Congress, has offered a list of suggestions for policymakers that includes slowing the growth of benefits over time, and raising the payroll tax rate or increasing the amount of earnings subject to the tax.
Other experts have suggested that the retirement age should be gradually increased.
A solution to that heads off the crisis will not be easy to reach, but the undertaking is worth it.
Social Security has been there for Americans for nine decades — with Americans’ first receiving benefit checks from their taxes in 1937.
If our elected representatives make the decisive acts required of them, it will be there for years to come.
This editorial was written by Dispatch Opinion and Community Engagement Editor Amelia Robinson on behalf of the editorial board of The Columbus Dispatch. Editorials are fact-based assessments of issues of importance to the communities we serve. These are not the opinions of our reporting staff members, who strive for neutrality in their reporting.
This article originally appeared on The Columbus Dispatch: Social Security may run out of money. Congress must save it | Our view