We have seen it all this week, friends. For many years to come the signing of the ridiculously named Big Beautiful Bill will be focused on and scorned for the damage it will do to so many vulnerable Americans, while lining the pockets of people who absolutely don’t need any more money. The rest of this article is republished from Common Dreams, under a Creative Commons 3.0 license.
U.S. President Donald Trump’s handpicked Social Security chief issued a statement Thursday applauding the passage of a Republican reconciliation bill that analysts say would negatively impact the New Deal program’s finances.
Social Security Commissioner Frank Bisignano called the Republican legislation, which Trump is expected to sign on Friday, a “historic step forward for America’s seniors” and a reaffirmation of the president’s “promise to protect Social Security.”
But experts warned in the lead-up to the bill’s passage that its massive tax cuts would bring forward the date at which Social Security will no longer be able to pay out full benefits in the absence of legislative solutions.
“By raising the standard deduction for all filers, and raising it even higher for some seniors, fewer Social Security beneficiaries will pay taxes on their benefits, and those who do will pay lower rates,” said Kathleen Romig and Gbenga Ajilore of the Center on Budget and Policy Priorities. “Raising the standard deduction would deliver little to no benefit to lower- and moderate-income families while reducing income into Social Security’s trust funds.”
According to the latest Social Security Board of Trustees report—released ahead of the reconciliation bill’s passage—the Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay out 100% of benefits until 2033. Thereafter, if lawmakers don’t act, the fund will be able to pay out 77% of total scheduled benefits.
The Committee for a Responsible Federal Budget (CRFB), a conservative think tank, estimated in an analysis released last month that the Republican reconciliation package would accelerate the depletion of Social Security and Medicare’s trust funds by a year. Compared to current law, the GOP measure would also result in “even deeper” cuts to Social Security benefits after the trust fund depletion date, the analysis projected.
Rep. John Larson (D-Conn.), a leading champion of Social Security Expansion in Congress, highlighted CRFB’s findings in a video posted to social media a day before House Republicans secured final passage of the reconciliation bill.
“We have to act now, not just to protect Social Security but to expand the benefits,” said Larson. “It needs to be protected, it needs to be enhanced—not cut and diminished.”
Remember this as the first blow, Zoomers. If we work fast to nip this in the bud, we may be able to get through our lives the way other generations have gotten through theirs, with some dignity and getting the benefit of their bargain with Social Security. Or, who knows? We could be the generation that is alive and receiving Social Security when the system fails and I don’t even want to think what that will look like.
