Republicans ‘Going to Have to’ Cut Social Security — Rick Scott

Florida Senator Rick Scott has said Republicans are going to cut Social Security and other government programs.

Newsweek has contacted Scott’s press team via email outside of regular working hours.

Why It Matters

Social Security benefits are paid to more than 70 million Americans on a monthly basis, and help form the bedrock of income for retirees, survivors of deceased claimants and disabled people.

What To Know

During an appearance at the Rescuing the American Dream Summit in Washington Thursday, Scott said the federal government would have to cut spending to “any program you care about,” including Social Security and Medicare.

The former Florida Governor made the suggestion because Social Security is “going bankrupt.”

Social Security payments are financed from a dedicated payroll tax collected from workers. Any excess that is not used is kept in dedicated trust funds: the Old-Age and Survivors Insurance trust fund and the Disability Insurance trust fund. The Social Security Administraton’s (SSA) 2024 Trustees Report found that trust funds that shore up the country’s largest benefit system is due to run out of funds in 2035. By then, recipients are projected to receive only 83 percent of their full benefits unless action is taken by Congress to ensure its solvency.

President Donald Trump has previously sworn that he would protect Social Security and other safety net programs. In an appearance on Fox News on February 18, Trump told Sean Hannity that “Social Security won’t be touched, other than if there’s fraud or something. It’s going to be strengthened. But it won’t be touched.”

He also said his administration would not make cuts to Medicare and Medicaid, despite the recent successful budget resolution that would, if enacted, inevitably make cuts to both health insurance programs.

While there is currently no official policy from the Trump administration on cutting retirement and disability benefits, any cuts are likely to be extremely unpopular. Sometimes referred to as the “third rail”—an untouchable element public policy—Social Security payments are relied on by tens of millions of Americans. No previous president or presidential candidate has made or promised cuts to benefits.

What’s more, a January AP-NORC poll found that two-thirds of Americans say the U.S. government is actually spending “too little” on Social Security.

The SSA announced last week it plans to cut approximately 7,000 jobs from its workforce, the bulk of which are employees not involved in providing “mission critical services.” The federal agency also plans to cut its 10 regional offices down to four.

What People Are Saying

Rick Scott said: “Because Medicare is going bankrupt, Social Security is going bankrupt. You know, inflation can’t go away, interest rates can’t come down. So, my belief is that … we’re gonna have to do this.”

Kevin Thompson, founder and CEO of 9i Capital Group, told Newsweek: “If Social Security were to fail, it could be the final straw for many Americans, leading to widespread distrust in the government’s ability to manage essential programs. This would be a nightmare scenario, particularly for Republicans, as they push for fiscal responsibility while maintaining voter trust.”

The Center for Budget and Policy Priorities said in a July 2024 report regarding the funding of Social Security benefits: “Policymakers need to strengthen Social Security. Nearly everyone participates in Social Security, first as a worker and eventually as a beneficiary. The program’s benefits are the foundation of income security in old age, though they are modest both in dollar terms and compared with benefits in other countries.”

What’s Next

While future SSA funding remains an uncertainty, the agency is undergoing considerable changes under the Trump administration.

The SSA announced in recent weeks that it would be undertaking workforce reductions, as well as operational changes, including the closure of field offices and internal departments.