House Ways and Means Committee Chairman Jason Smith (R-Mo.) on Wednesday urged Congress to tackle Social Security's looming insolvency, one day after the Trump administration projected that a key trust fund will be depleted by 2032. Speaking at a joint subcommittee hearing with Social Security Administration (SSA) Commissioner Frank Bisignano, Smith said lawmakers need to stop pointing fingers and take responsibility.
“Congress needs to get their act together to address Social Security and the insolvency that’s coming, instead of poking blame at other people whenever it is our duty and our responsibility,” Smith said, as reported by The Hill. The Missouri Republican highlighted his mother, who relies on Social Security benefits, as an example of why legislative action is critical.
The Social Security and Medicare boards of trustees reported Tuesday that the Old-Age and Survivors Insurance (OASI) Trust Fund will only be able to pay full benefits through the fourth quarter of 2032—a quarter earlier than last year’s projection. After that, the fund can cover just 78% of scheduled benefits, a slight improvement from last year’s 77% estimate.
Smith expressed hope that both parties could find common ground. “There’s a lot of people like that, and that’s why we have to come together,” he said, referencing beneficiaries like his mother. The Hill has reached out to the Ways and Means panel for details on Smith’s proposals, though he has previously cited the need to cut waste, fraud, and abuse within the program.
The trustees attributed the worsened outlook to three factors: declining fertility rates, lower net migration, and reduced federal tax revenue from the One Big Beautiful Bill Act, signed by President Trump last July. More than 71 million Americans received Social Security benefits in April, including nearly 63 million from the OASI fund and over 8 million from the Disability Insurance Trust Fund, which remains solvent through at least 2100.
Last month, AARP officials noted that the OASI deadline doesn’t mean Social Security will go bankrupt, but CEO Myechia Minter-Jordan called the report a “wake-up call” for bipartisan action. “This should be a wake-up call: Congress needs to act,” she said in a statement. The organization has been pressing lawmakers to shore up the program’s finances.
Since taking over the SSA in May 2025, Bisignano has prioritized reducing waste, fraud, and abuse. He reiterated that stance Wednesday and said no field offices have been closed due to staffing cuts implemented last year. The SSA inspector general reported that investigations from October through March saved taxpayers nearly $202 million.
However, the left-leaning Center for Budget and Policy Priorities found that of over 8,000 SSA employees laid off, more than 3,800 were in customer service. While the administration has reassigned remaining staff to fill gaps, the think tank warned this “risks ameliorating one service delivery problem by exacerbating others.”
As the 2032 deadline approaches, pressure mounts on Congress to find a solution. The AARP’s warning echoes Smith’s call for bipartisanship, though partisan divisions over how to address the shortfall remain deep. For now, the clock is ticking on one of America’s most vital safety nets.
