‘Social Security is on a collision course toward insolvency,’ watchdog says. It hasn’t been this bad since 1983

The 2026 Social Security Trustees’ Report warns the program faces insolvency, with a projected 22% benefit cut in six years if no action is taken. The Old-Age and Survivors Insurance trust fund is expected to deplete by 2032, driven by demographic shifts and a 4.42% actuarial shortfall equivalent to $31 trillion. Treasury Secretary Scott Bessent opposes tax increases or benefit cuts, advocating economic growth to address the crisis.