Trump's Signature Legislation Fast-tracked Social Security Crisis: Report
Summary
The Social Security Administration’s chief actuary estimated that the One Big Beautiful Bill Act will add $168.6 billion to Social Security program costs from 2025 through 2034, partly because it reduces tax revenue from benefits. The latest trustees’ projection says the Old-Age and Survivors Insurance trust fund will exhaust its reserves in the fourth quarter of 2032; without congressional action, ongoing revenue would cover 78 percent of scheduled benefits.Key Facts
- President Donald Trump signed the One Big Beautiful Bill Act on July 4, 2025.
- The law made permanent lower individual income-tax rates and changed some deductions.
- Chief Actuary Karen Glenn estimated the law would increase Social Security program costs by $168.6 billion from 2025 through 2034.
- Glenn estimated that the law would worsen Social Security’s 75-year actuarial balance from a deficit of 3.82 percent to 3.98 percent of taxable payroll.
- The law’s effects were projected to move OASI reserve depletion from the first quarter of 2033 to the fourth quarter of 2032.
- The latest trustees’ projection says continuing revenue would cover 78 percent of scheduled OASI benefits after reserves run out.
- Social Security’s financial challenges existed before the legislation.
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