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Insider’s Report: Congress Must Act to Address Social Security’s Looming Shortfall |
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The sharks are circling Social Security because of the projected shortfall in the program’s Trust Funds which could begin as early as 2034. If Congress takes no action, Social Security beneficiaries could face a 19% benefit cut.
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The National Committee to Preserve Social Security and Medicare has repeatedly demanded that Congress take action to avert this devastating benefit cut and shore up the program for years to come. As the National Committee President & CEO Max Richtman recently told CBS News, “My takeaway from all of this is we don’t have much time to spare to address the shortfall.”
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That doesn’t mean the program should be cut or radically transformed. Yet, those in Washington opposed to Social Security, like Senator Tommy Tuberville, who recently called Social Security a “scam,” are trying to undermine one of America’s most successful and popular government programs at a time when it needs to be strengthened, not cut or weakened. |
That’s why the National Committee endorses legislation introduced in Congress to bring more revenue into the Social Security system by adjusting the payroll wage cap — so that the wealthy contribute their fair share.
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Instead of implementing critical Social Security policy improvements, some in Washington are calling for devastating cuts and radical “reforms” to seniors’ benefits by, among other measures, raising the retirement age, means testing Social Security and even privatizing the program to benefit Wall Street brokers.
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In fact, a so-called Washington think tank recently proposed limiting Social Security Cost-of-Living Adjustments (COLAs) for the highest-income earners. This is the same organization that released a new paper that proposed capping annual Social Security benefits at $100,000 for couples, and $50,000 for single retirees, to help shore up Social Security. A benefit cap could cut the benefits of middle-income Americans and serve as a slippery slope to broader benefit cuts. |
Meanwhile, the Trump Administration continues to implement wrongheaded policies at the Social Security Administration (SSA) that are jeopardizing Americans’ access to their hard-earned benefits. These changes amount to backdoor cuts to Social Security as the servicing of this critical program is part of the benefits you’ve paid into and earned during your lifetime of hard work. |
Just last week, the Administration reportedly closed, or is limiting service to, at least 12 field offices in mostly rural areas — making it harder for seniors, people with disabilities and families to access benefits in person. SSA has not confirmed whether any of these closures are permanent. |
With the support of our members, we will continue to put pressure on Congress to take action to avert a looming benefit cut and we will hold our elected officials accountable for any policy or bill that puts your earned benefits at risk. | | |
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“We don't have much time to spare to address the shortfall [of Social Security funding,” said Max Richtman, President & CEO of the National Committee to Preserve Social Security and Medicare, per CBS News. He continued, “If there's not enough revenue coming in payroll taxes — and I don't see that changing — benefits are going to be cut dramatically.” (April 21, 2026, Market Realist, Risa Weber) |
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Jim Cramer got his base all fired up when he shared a post on X last month. It was a quote tweet of a video of Senator Elizabeth Warren (MA) speaking with Dan Adcock of the National Committee to Preserve Social Security and Medicare, in which she asked him why the U.S. government wasn’t working to fix the program, given that it is so close to going bust. (April 21, 2026, Parade, Lauren Wellbank)
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Unlike elections past, every candidate elected to the Senate this year will be in office when the deadline arrives. Americans should therefore be asking their Senate candidates: “What is your solution for avoiding the Social Security shortfall?” Having led the Social Security Administration under President Biden, I can assert unequivocally that this is a solvable problem, writes former commissioner Martin O'Malley. (April 24, 2026, The Hill, Martin O’Malley)
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“I know from attending town halls with seniors that repealing the [retirement earnings test] would be extremely popular,” Dan Adcock, Director of Government Relations & Policy at the National Committee to Preserve Social Security and Medicare, said in his testimony to the Senate aging committee. However, said Adcock, lawmakers should consider the impact it would have on seniors and the program's finances. (Updated April 27, 2026, CNBC, Lorie Konish) |
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Unfortunately, many in the mainstream media simply ignore Trump’s continued falsehoods on Social Security, which he recently reiterated in a campaign-style event at the Villages in Florida. The “One Big Beautiful Bill” did not eliminate taxes on Social Security. Indeed, the legislative process which the Republicans used to pass the bill prohibits these types of changes in Social Security. (May 5, 2026, Common Dreams, Martin Burns and Mary Liz Burns) |
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U.S. Senator Tommy Tuberville (AL) is facing criticism after referring to Social Security as a “scam” in a post on X, prompting pushback from political opponents and renewed debate over the program’s future. (April 21, 2026, Montgomery Advertiser, Jennifer Lindahl) |
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A new report issued by Senator Elizabeth Warren (MA) and other Senate Democrats argues that Social Security staffing reductions and operational changes under the Trump Administration have created what Warren calls “backdoor benefit cuts” — by making it harder for beneficiaries to access services on which they rely. (April 23, 2026, Newsweek, Suzanne Blake) |
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Member contributions to the National Committee, a nonprofit 501(c)(4) organization, are not tax-deductible. |
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