Two former members of Congress have issued a warning that Social Security beneficiaries will face benefit cuts unless current lawmakers act by 2031
In an op-ed for The Denver Post published on Tuesday, former Colorado Representative and Senator Mark Udall, a Democrat, and former Colorado Representative Bob Beauprez, a Republican, raised the alarm, saying that automatic reductions to Social Security benefits could be triggered if Congress fails to intervene in time.
“Here’s the truth: Social Security is in trouble, and failure to act would have real consequences for those who depend upon the program,” they wrote.
Why It Matters
Social Security provides a primary source of income for more than 70 million retirees, people with disabilities and surviving family members, meaning even the prospect of benefit cuts carries significant consequences for household finances.
Former members of Congress warning about the impending cuts may reflect the urgency of the situation and spark more Americans to call on their current lawmakers to act now rather than later.
What To Know
The lawmakers’ Denver Post op-ed focused on long‑standing funding challenges that have repeatedly been flagged by Social Security trustees and budget analysts.
According to Udall and Beauprez, without congressional action, benefit reductions would not result from a policy vote but would instead occur automatically under existing law once certain funding thresholds are reached.
Specifically, trustees estimate that the cut will be 24 percent, equivalent to an annual $18,400 loss for a typical couple retiring in 2033.
“This is the reality many in Washington have been loath to acknowledge,” Udall and Beauprez wrote. “Too often, when we hear promises made about Social Security, they involve pledges ‘to protect Social Security by not touching it.’ This may sound good, but it essentially guarantees that those benefit cuts will go into effect.”
The two urged current lawmakers to treat the deadline as a hard stop, warning that delays or partisan gridlock could leave millions of beneficiaries exposed to sudden cuts.
“Social Security has been on a fiscally unsustainable path for decades. That is partially due to demographics – people are living longer and having fewer children, causing fewer workers to pay into the system relative to the number of retirees receiving benefits. But it is also due to a structural mismatch between benefits and revenues, where benefits are growing over time and revenues are failing to keep up,” the op-ed read.
“The good news is that we can fix this. There is no shortage of options to save Social Security, avoid the benefit cut, and secure the program for future generations. But we need to act now.”
Bipartisan cooperation would likely be necessary, with previous Congresses stepping up together to shore up Social Security during moments of fiscal stress.
“The deadline keeps moving, and not in a way that favors retirees. What used to be projected around 2034 is now creeping closer to 2032, and that’s not by accident,” Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek.
“Lower Social Security tax inflows, the removal of WEP and GPO, and a growing number of recipients eligible for larger benefits are accelerating the strain. If we’re being honest, this is likely something the current administration pushes to the next, because any real fix probably involves higher payroll taxes, and no one wants to own that headline.”
What People Are Saying
Former Representative and Senator Mark Udall and former Representative Bob Beauprez wrote for The Denver Post: “As citizens, each of us has a responsibility to press our elected officials for solutions. We can start by asking one simple question: What’s your plan to save Social Security?”
“If they start talking about ‘not touching the program,’ ask if they’re in favor of the benefit cut that comes with their position. Chances are they’ll say no – so, what’s their plan?”
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: “This is the first of many warnings we’re going to hear in the next five years as the Social Security-designated trust fund draws closer to a zero balance. The gap between more retirees tapping into their benefits and revenue coming in to meet the increased demand will only become larger, and failure to act could result in a dramatic cut in benefits. However, it’s important to note this isn’t the first time Social Security has faced this challenge, and the crisis of cutting benefits was avoided.”
Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: “Cuts are mathematically on the table, but politically, they’re a long shot. The very group that would be impacted holds a significant portion of the country’s assets, which makes sweeping cuts unlikely. But if they did happen, it wouldn’t just hit Social Security checks; you’d see a broader impact. Less spending from tens of millions of retirees flows through the entire economy, and that’s where you start to see pressure show up in earnings, markets, and overall growth.”
What Happens Next
Beene said there are several options for Congress to explore to prevent Social Security cuts, including increasing taxes, updating the current retirement age, and potentially diverting money from other government funds to replenish the trust fund before 2032.
“The concern is, though, with the government being so divided and this issue being so pivotal for many Americans, will a last-minute resolution be enough to fix the problem this time around?” Beene said.
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