Trump’s social security chief says ‘everything’ is on the table and retirement is about to get a ‘different set of rules’ - Yahoo Finance
Original story by: Yahoo Entertainment
Last updated: Sep 19, 2025
- Context: The Social Security system in the U.S. is projected to become insolvent by 2032 due to an aging population and a shrinking workforce. Policymakers are considering various politically sensitive solutions, including raising the retirement age, increasing taxes, or adjusting benefit caps.
- Detailed Summary:
- Social Security's retirement trust funds are estimated to be insolvent by the end of 2032.
- The increasing number of retirees, with Baby Boomers reaching retirement age, puts a strain on the system. The relevant demographic for Social Security is expected to grow from 342 million in 2024 to 383 million by 2054.
- Potential solutions being considered include raising the retirement age (currently 65), increasing taxes that fund Social Security, and adjusting the earnings cap for benefits (currently $175,000).
- Despite concerns about insolvency, Social Security Administration Commissioner Frank Bisignano stated that "everything's being considered" and expressed confidence that the system will continue to exist, albeit potentially with different rules for future generations.
- Low fertility rates are projected to mean that all population growth from 2040 onwards will be due to immigration, which will impact the labor force and the tax base supporting Social Security.
- Paradoxically, the surge in retirements is currently helping to keep the U.S. unemployment rate near 4.3%, despite weak job growth, as fewer people are actively seeking employment.
- The White House has not yet commented on specific proposals regarding changes to Social Security eligibility.
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