Marketplace All-in-One The history of — and present threats to — Social Security
Aug 13, 2025
Social Security turns 90, playing a crucial role for 74 million Americans, yet faces looming financial challenges. A staggering 40% of people have no retirement savings, raising concerns over potential benefit cuts. The exploration of its history reveals how vital it became during the Great Depression. Urgent reforms are needed, with many Americans favoring increased payroll taxes over reduced benefits. Meanwhile, Trump's tariffs generate substantial revenue, but future trade negotiations add uncertainty to the economic landscape.
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Tariffs Generate Revenue But Hurt Growth
- Tariffs implemented by the Trump administration are raising monthly import-tax revenue, potentially billions more.
- Economists warn tariffs could slow growth and reduce other tax revenues, offsetting gains.
Tariff Revenue May Not Cut Deficits
- It's unclear how the administration will use tariff revenue; rebates would not reduce the federal deficit.
- Nonpartisan analysts estimate tariffs could lower deficits by trillions only if revenues hold steady.
Social Security Faces A Looming Shortfall
- Social Security faces a funding shortfall because current payroll tax revenue is less than benefits paid each year.
- The trust fund reserves for retirement are projected to be depleted in 2033, risking roughly a 20% cut in benefits.