The future of the U.S. Social Security program has become a growing concern as President Donald Trump has proposed mass firings within the Social Security Administration, spreads misinformation about beneficiaries, and is suggesting policies that could destabilize the program. Millions of Americans, especially retirees and disabled individuals, depend on Social Security as a vital lifeline, and any threat to its stability generates significant fear and uncertainty.
Trump's proposed plan to fire thousands of federal employees, including those who administer Social Security benefits, raises alarms about potential delays, inefficiencies, and disruptions in service. Cutting staff could lead to slower processing times for benefits, leaving vulnerable populations without the support they rely on. Additionally, during Trump's State of the Union address on Tuesday he falsely claimed that people over 160 years old are improperly receiving benefits,
Social Security is a significant part of the federal budget which Trump is targeting for reduction and to pay for massive tax cuts for the wealthy. In 2025, an average of almost 69 million Americans per month will receive a Social Security benefit, according to the Social Security Administration, totaling about $1.6 trillion in benefits paid during the year.
Billionaire Elon Musk has also fueled skepticism about Social Security, calling it a "scam," which plays into broader fears about efforts to dismantle or privatize the system. Many worry that Trump, influenced by conservative economic policies, could attempt to privatize Social Security, exposing Americans’ retirement funds to the risks of the stock market or even cryptocurrency. Such a shift would threaten the guaranteed income Social Security provides, particularly during economic downturns.
Social Security is a major source of income for most people over age 65. Trump's agenda could directly impact their financial security, and his words may signal changes that could either protect or challenge the benefits that many seniors, disabled individuals and others rely on.
Beyond these immediate threats, Social Security already faces long-term sustainability issues, requiring reforms to ensure future funding. However, Trump has not proposed viable solutions to address the program’s financial challenges. His shift in position—after once promising to protect Social Security—has left even his own base of MAGA supporters concerned.
For many, Social Security is the only thing keeping them from destitution, and any cuts or instability in the program could have devastating consequences. The uncertainty surrounding Trump’s plans leaves millions fearful for their financial future.
Guest:
Richard W. Johnson is a senior fellow in the Income and Benefits Policy Center at the Urban Institute, where he directs the Program on Retirement Policy. His research focuses on older Americans' employment and retirement decisions, long-term services and supports for older adults with disabilities, and state and local pensions.
Johnson has authored or co-authored over 200 journal articles, book chapters, and research reports. He frequently writes and speaks about income and health security at older ages and has testified before Congress and federal commissions.
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This interview will be recorded on Thursday, March 6, 2025.
