Social Security turns 90: Battle to Save it Rages on

M.A. Dworkin

USVI - Signed into law on August 14, 1935 by President Franklin Delano Roosevelt, the Social Security Act has provided a foundation of financial stability for hundreds of millions of retirees and individuals with disabilities, as well as surviving spouses and families for nine decades. Social Security helps older Americans stay out of poverty and live with dignity after a lifetime of hard work. 

“Social Security has stood the test of time, offering dignity, independence, and peace of mind to generations,” said Pamela Toussaint, Associate State Director of Advocacy and Outreach for AARP Virgin Islands. “As we mark this historic milestone, we reaffirm our commitment to protecting and strengthening this vital program for the future.” 

The program plays a significant role in the US Virgin Islands economy, where 22,254 Virgin Islanders contribute to the USVI economic activity, as Social Security beneficiaries spend steadily on essentials, fueling local businesses, supporting jobs, and generating tax revenue through a powerful ripple effect.  

Governor Albert Bryan Jr. recently signed a proclamation declaring Social Security Day in the U.S. Virgin Islands.

“We celebrate the enduring impact of Social Security, a program that has provided generations of Virgin Islanders and Americans with a foundation of financial stability,” Governor Bryan stated. “It has been a lifeline for retirees, individuals with disabilities, surviving spouses, and families, offering security, dignity, and peace of mind. As we mark the program’s 90th anniversary, we recognize its history and its vital role in the lives of millions today and in the years ahead.” 

Social Security has long been one of the federal government’s most popular programs. In a 2024 Pew Research Center survey, 79% of U.S. adults said Social Security benefits should not be reduced in any way - a view broadly shared across ages, racial and ethnic groups, bipartisan affiliations and income brackets. 

But the program faces multiple challenges. Foremost is a looming cash crunch, as the trust fund that helps pay retirement benefits is forecast to run out by the end of 2033. 

The Trump Administration, in efforts they claim are directed at propping up the fund’s future, have made deep staffing cuts to the Social Security Administration (SSA), the independent agency that manages the program. Those cuts have left the agency struggling to serve millions of claimants and beneficiaries. 

From the Oval Office, President Trump signed a proclamation honoring the day. 

“To this day, Social Security is rooted in a simple promise: those who gave their careers to building our Nation will always have the support, stability, and relief they deserve. Thanks to my Administration’s efforts, Social Security now stands stronger and more resilient than ever before,” stated President Trump. “Following the passage of the historic One Big Beautiful Bill last month, the vast majority of seniors who receive Social Security will pay zero tax on their Social Security benefits - the largest tax break for seniors in the history of our country.

“To further strengthen Social Security, my Administration is aggressively rooting out all fraud, waste, and abuse that rob our Federal programs of resources - including stopping payments to the deceased and eliminating benefits to those who do not legally qualify.”

     Yet, despite the encouraging rhetoric, the Republican Study Committee, which represents nearly 80 percent of House Republicans and 100 percent of House Republican leadership, has released a 2025 budget that would make Republican plans to gut Social Security a reality. By forcing Americans to work longer for less, their proposed budget would cut Social Security benefits for 257 million people, or 3 in 4 Americans. 

Glenn Hubbard, a Columbia University professor, and top economic advisor in Bush’s White House, recently stated: 

“Social Security needs to be reduced in size in order to maintain benefits for generations to come. We need to limit benefits for wealthy retirees…We also will have to make a choice. If we want Social Security benefits to look like they are today, we’re going to have to raise everyone’s taxes a lot. And if that’s what people want, that can be on the menu. So you pay the high price in taxes and you move on.”

Another option would be to increase minimum benefits and slow down benefit growth for everyone else, which Mr. Hubbard said would right the ship without requiring big tax increases, if it’s done over time. “It’s really a political choice,” he said. “Neither one of those choices is pain free.”

Nancy Altman, President of Social Security Works, an advocacy group for the preservation of Social Security benefits, is more worried that the administration of benefits could be privatized under President Trump’s term. “The agency cut more than 7,000 from the SSA’s workforce this year as part of the Department of Government Efficiency’s (DOGE) efforts to reduce the size of government,” Ms. Altman stated.

Martin O’Malley, who was Social Security Agency Commissioner under President Biden, said he thinks the problems that face the future run deeper.

“There is no openness and there is no transparency at the agency. We hear about field offices teetering on the brink of collapse,” Mr. O’Malley said.

A recent Associated Press poll found that an increasing share of older Americans - particularly Democrats - support the program but aren’t confident the benefits will be available to them when they are ready for retirement.

As the U.S. celebrates the 90th Anniversary of this great American institution, as Social Security faces real threats from powerful forces that shake the foundations of its very existence, threatening its survival, the question begs: Will it be around for its Centennial?