A new Congressional Budget Office report has reignited concerns about the future of Social Security benefits, with the agency projecting that the Old-Age and Survivors Insurance Trust Fund will be depleted by 2032. Former Georgia Representative Marjorie Taylor Greene has responded to the findings by warning that Social Security funding issues could lead to significant benefit reductions for millions of Americans who depend on monthly payments for their retirement income.
According to the CBO report, the OASI Trust Fund, which pays retiree and survivor benefits to approximately 68 million Americans each month, will have insufficient funds to pay full benefits on time starting in 2032. Greene posted on X that “Social Security is going to be broke by 2033,” which is less than seven years away, urging lawmakers to prioritize fixing the program over other spending.
Projected Social Security Benefit Cuts
The Congressional Budget Office projects that benefit reductions would begin immediately once the trust fund is exhausted. According to the report, payments would drop by 7% in 2032, followed by average cuts of approximately 28% per year between 2033 and 2036. The agency stated that “the program would have insufficient funds to pay, on a timely basis, the full amounts that OASI beneficiaries are entitled to under current law.”
These projected cuts would significantly impact millions of seniors who rely heavily on Social Security for their living expenses. As of January 2026, the average monthly Social Security benefit for a retired worker was $2,071, according to the Social Security Administration.
Heavy Dependence on Social Security Income
The potential reduction in Social Security benefits presents particular challenges given how heavily many Americans rely on these payments. A 2025 study from The Senior Citizens League found that 39% of America’s seniors depend on Social Security for 100% of their income. Additionally, the Social Security Administration has long emphasized that the program was designed to replace only about 40% of a worker’s pre-retirement earnings on average.
However, the reality for many retirees differs significantly from this intended purpose. If benefits are cut once the trust fund runs out of money, the impact could be severe for millions of Americans who have limited alternative income sources during retirement.
Political Response to Social Security Funding Crisis
Greene has called for Congress to prioritize saving Social Security over other federal spending priorities. “Instead of funding foreign wars and foreign countries, Social Security needs to be saved,” she wrote on social media. Her comments reflect growing concern among some lawmakers about the program’s financial sustainability and the need for legislative action before the trust fund is depleted.
Meanwhile, the debate over how to address the Social Security funding shortfall continues in Washington. Potential solutions discussed over the years have included raising the retirement age, increasing payroll taxes, adjusting cost-of-living calculations, or reducing benefits for higher-income retirees.
Planning Beyond Social Security
Financial experts have long advised that Americans should not rely solely on Social Security for retirement income. The program’s uncertain future makes diversifying income sources increasingly important for those approaching or already in retirement. Building additional passive income streams through investments, savings accounts, or other financial vehicles can provide a buffer against potential benefit reductions.
In contrast to government projections that have shown the trust fund depletion date moving closer, little concrete action has been taken to address the shortfall. The growing urgency of the situation has prompted increased calls for bipartisan solutions to shore up the program’s finances.
Congress has not yet announced specific plans or timelines for addressing the Social Security funding crisis, though the 2032 deadline leaves limited time for legislative action. Lawmakers will need to reach agreement on reforms before the trust fund is exhausted to avoid automatic benefit cuts, though the political challenges of modifying such a widely used program remain significant.
