
The incoming Trump administration and Republican-controlled Congress have sparked concerns about potential cuts to Social Security, a crucial financial lifeline for millions of Americans. Senate majority leader John Thune has suggested that Congress will need to find “solutions” to make Social Security “sustainable,” which often implies reducing benefits. Elon Musk, one of Trump’s close advisors, recently amplified a thread on Twitter where Sen.
Mike Lee branded Social Security as “a classic bait-and-switch” and “an outdated, mismanaged system.” Vivek Ramaswamy, co-chair of the Department of Government Efficiency, has also proposed breaking up Social Security and turning it into private investments. Trump’s own stance on Social Security remains unclear. During his campaign, he suggested eliminating taxes retirees pay on benefits, which would primarily benefit wealthier households and weaken the program’s finances.
However, he has also stated that Republicans should not cut Medicare or Social Security. Social Security is a vital part of the financial security of many Americans. As of last year, 183 million active workers were paying payroll taxes into the system, and the combined Social Security and Disability Insurance programs paid benefits to 53 million retired workers and their dependents, six million survivors of deceased workers, and nine million disabled workers and their dependents.