'Donald Trump's Policies Are Hurting Social Security': Statement on the 2026 Social Security Trustees Report

The following is a statement from Nancy Altman, President of Social Security Works, on the 2026 Social Security Trustees Report:

“This is the first Social Security trustees report that begins to take Donald Trump’s second term policies into account: A tax bill that largely benefited the wealthy, economy-wrecking tariffs, a needless war with Iran, and hostility to immigrants. All of these have reduced the amount of money going into Social Security, weakening the system’s finances.

Despite Trump’s damaging policies, Social Security remains fully affordable if the wealthy are required to contribute their fair share. Congress has only two options to address the projected shortfall: Bring more money into Social Security, or cut benefits. Any politician who refuses to raise revenue, including by making the wealthy pay their fair share into Social Security, is telling us that they support benefit cuts.

The American people, including Republicans, are overwhelming in their opposition to even a penny of benefit cuts. Support for means-testing and other benefit cuts (even if paired with revenue increases) is a betrayal of the American people.

Social Security’s future is on the ballot. Any of the U.S. Senators elected this November could become the deciding vote. Accordingly, all of them should tell the public how they would vote.

This is particularly important for Republican candidates, given that Speaker Mike Johnson just announced plans to ‘adjust and fix’ Social Security, Medicare, and Medicaid next year. That’s DC-insider speak for ‘cut benefits.’ Outrageously, Johnson claims this is necessary to reduce the federal deficit — even though Social Security is an earned benefit that doesn’t add a single penny to the deficit!

As the Trustees Report plainly states, if there is insufficient revenue, Social Security benefits will be automatically cut. Johnson’s ‘solution’ is to cut them sooner (and likely by a larger amount) instead of making his billionaire donors pay their fair share. Sen. Ted Cruz and Treasury Secretary Scott Bessent are more specific than Johnson, saying that the Republican plan for Social Security is privatization, handing Social Security over to Wall Street. Do Republican House and Senate candidates agree with Johnson, Cruz, and Bessent?

Ultimately, the Social Security shortfall is cause for action but not for undue alarm. Congress has acted to avert such shortfalls before and will again. When members of Congress act, they should listen to their voters who overwhelmingly value Social Security, not their ultra-wealthy donors who want to steal their voters’ hard-earned benefits out from under them.”