During a time when rising grocery costs, gas prices, and monthly rent are stretching family budgets more than ever before, it is paramount that we protect, preserve, and strengthen the one program that these citizens should be able to rely on: Social Security. For more than 70 million people, including retirees and disabled people, Social Security is not just a supplement but also a lifeline and a promise that has been earned through decades of work and contributions to the growth of our economy.
Unfortunately, that lifeline is endangered, as experts project the Social Security Trust Fund will become insolvent as soon as 2033 if Congress fails to take action. Congress has many tools in its toolbox to address this problem, and it must ensure that people receive the Social Security they have earned and rely on.
This dilemma is not an unmanageable crisis, however. With Social Security having about 80% of the money it needs to make full payments, finding a solution to close the remaining 20% of the gap and protect the hard-earned money that millions of people have saved is certainly within our grasp. With every single paycheck, we’re earning our Social Security. It’s ours. And Congress should oppose any policies that would impair those payments or limit our ability to collect them. Ideas such as raising the retirement age, privatizing Social Security, and reducing the Cost-Of-Living Adjustment will only exacerbate the financial burden felt by so many.
As Missouri state treasurer, I also believe states have a responsibility to strengthen retirement security wherever they can. That’s why Missouri enacted the Show-Me MyRetirement program to expand access to retirement savings for workers whose employers do not offer a retirement plan. As we continue working toward implementation, it stands as another example of how states can complement, not replace, Congress’s responsibility to protect Social Security. Working together, federal and state leaders can strengthen retirement security for millions of people. But ultimately, only Congress can preserve the Social Security promise that generations of Americans have earned.
President Donald Trump understands this. That’s why he has consistently pledged to oppose any cuts to Social Security. However, lobbyists and special interests in Washington want to argue that cuts to Social Security exist as a necessary sacrifice to trim excess spending. They will, however, neglect to mention that Social Security has served as the bedrock of retirement security in America for nearly a century. Through this program, generations of citizens have been enabled to live out their lives in respect and dignity after years of hard work. From the disabled citizens who need to cover basic expenses to the retirees who simply desire stability and independence, Social Security is a preserver that uplifts the people. Social Security cuts are far from a necessary sacrifice. They are an unnecessary burden on innocent people and a betrayal of the American promise. These out-of-touch special interests ignore the real pressures people face every single day and the importance of keeping this promise intact.
With prices going up, many people on fixed incomes are realizing their payments simply don’t go as far as they used to. Despite adjustments for inflation, a recent survey found 8% of seniors reentered the workforce, while another 4% said they were applying for jobs. Another 16% of respondents over 65 said they just haven’t retired, reflecting much of the financial anxiety being felt across the country.
KEVIN WARSH JUST CHALLENGED THE FED’S ARTIFICIAL SPEED LIMIT ON US GROWTH
Congress is more than equipped to strengthen Social Security payments without resorting to cuts. The issue is not the numbers or the policies, but the desire to take action. People on both sides of the political spectrum have expressed a strong desire to retain Social Security payments and are against cuts to the program. There are bipartisan solutions available to close this gap and protect what we have earned, but Congress needs to act now while there is still time on the clock to protect Social Security for the millions who have earned it.
The people have spent years paying into the system. It’s time our leaders do their part to ensure the system is still operating effectively in order to pay them back. Fortunately, there are concrete, bipartisan steps Congress can take — from commonsense reforms like helping people make better-informed decisions about when to claim their benefits, to pro-growth policies that expand the workforce and grow wages, strengthening the payroll tax base without raising taxes on hardworking people. Congress and all of our elected leaders must remain steadfast in their commitments to protect Social Security for today’s workers, recipients, and future generations alike.
Missouri State Treasurer Vivek Malek was appointed in 2022 and successfully defended his position in 2024 through a crowded primary.