The Social Security program exists as a cornerstone of support for tens of millions of vulnerable Americans, many of whom rely primarily on their monthly benefit checks to get by.
In fact, according to a study conducted by the nonpartisan senior advocacy group The Senior Citizens League, an estimated 21.8 million seniors get by on Social Security alone.
The unfortunate matter at hand, however, is that the future of the program seems to be up in the air due to longstanding funding issues that appear to be worsening over time. In the latest annual report, which outlines the timeline for the program’s projected shortfall, the Social Security Board of Trustees is urging lawmakers to take action—and soon.
If there is no immediate intervention from Congress, Social Security recipients could see their benefits cut by more than 20% in the not-so-distant future.
While some proposals to prevent the shortfall have been introduced, nothing has been set in stone yet. As such, members of Congress are now warning that Social Security could be privatized. However, legislation to prevent privatization has also been introduced but still requires congressional approval.
Here is what you need to know about the new Hands Off Our Social Security Act.
Will Social Security Be Privatized?
According to the annual report from the Board of Trustees, the Old-Age and Survivors Insurance (OASI) trust fund will be exhausted by 2033, and, following this, the remaining revenue in the program will be sufficient to cover only 77% of scheduled benefits.
Additionally, the Disability Insurance (DI) trust fund is expected to continue to cover 100% of scheduled benefits until 2099; however, if the two trust funds are combined into one OASDI trust fund, the combined fund would be depleted by 2034.
The previous year’s report projected a shortfall for 2035, meaning the insolvency date has moved up by a year.
As such, between the projected shortfall that is fast approaching and staffing cuts at the Social Security Administration (SSA), alongside efforts to modernize the agency, critics fear the possibility of disruptions to service delivery.
Subsequently, a New Mexico Democrat, Representative Melanie Stansbury—in collaboration with House Ways and Means Social Security Subcommittee Ranking Member John B. Larson, Assistant Democratic Leader Joe Neguse, and Representative Julie Johnson of Texas—has announced a new legislative effort aimed at preventing the privatization of the Social Security program.
What Are Lawmakers Saying About the Hands Off Our Social Security Act?
Under this legislation, the Hands Off Our Social Security Act, the SSA would be required to obtain congressional approval before enacting major staffing cuts or closing field offices.
In a statement, Larson asserted that, “The Trump Administration is trying to dismantle Social Security from within so they can slash and privatize seniors’ hard-earned benefits.”
“I am proud to take a stand with Rep. Stansbury and our colleagues today to tell them to take their hands off Social Security. Our bill will block the President and his ‘DOGE’ from moving forward with their plans to close field offices, undermine customer service at the Social Security Administration, and rummage through your personal records,” Larson added.
If passed, in addition to preventing the privatization of Social Security, the bill would ensure that benefits are not affected by unauthorized changes, and beneficiaries’ data would also receive enhanced privacy protections.
Representative Melanie Stansbury also shared the following in a statement: “Social Security is not a luxury—it’s a promise that Americans earn through hard work. This bill ensures that promise is kept, by stopping efforts to gut the system, privatize it, or make it harder for people to get help. People who have paid into the system deserve benefits they can count on, privacy that’s respected, and real people to help when they need support.”