(Arlington, Va. – Aug. 5, 2026) – The U.S. Senate Finance Committee met Wednesday to examine the PROMISE Act and other proposals for addressing Social Security’s rapidly approaching financial deadline.
Social Security’s retirement trust fund is projected to be depleted in late 2032. Without congressional action, incoming revenue would cover only 78% of scheduled retirement and survivor benefits, resulting in an automatic 22% reduction.
Concord Action Executive Director Dr. Carolyn Bourdeaux released the following statement:
“Congress has spent years talking about how to address Social Security without confronting the central problem: the program is promising more than its current financing can sustainably support. Something has to give and Congress needs to put everything on the table to find a resolution, including the expenditures and revenues, and carefully weigh the intergenerational trade offs required to protect current and future retirees without bankrupting future generations.
“Current law already contains a plan: an automatic 22% benefit cut in 2032, but this would be wickedly unfair to seniors – particularly low income seniors – who rely on Social Security to survive. But all paths require trade offs. Congress should establish a bipartisan and transparent path that results in real legislation, an honest accounting of the choices and a vote. Anything less is another delay Americans cannot afford.”
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