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WASHINGTON – In a speech on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL) spoke about the Social Security Board of Trustees’ report showing that the Social Security Trust Fund will face insolvency in 2032 and called on Congress to finally act to protect and save the program.
“Each year, the Social Security Board of Trustees releases a report that tells us about the status of Social Security’s finances. Their 2026 report, released yesterday, should send alarm bells through Congress,” Durbin said. “According to the Board of Trustees, the Social Security Trust Fund will be unable to make full, scheduled payments in 2032.”
Durbin continued, “Just six years from now, Social Security will only be able to pay 78 percent of current benefits. What does that mean? … It means that beneficiaries across our nation will see their benefit checks cut by 22 percent. Twenty-two percent [of the average Social Security payment] means [a monthly cut of] $455—it is around the average a retired household spends on groceries each month. That could be devastating. We cannot let it happen.”
Durbin then outlined what this cut in benefits would mean for Illinoisans and Americans who are already struggling with the cost-of-living increase.
“Roughly 70 million Americans, seniors and people with disabilities, rely on Social Security for food, medication, housing, and utilities. In my home state of Illinois, more than 2.3 million people receive Social Security. Twenty percent of seniors in Illinois rely on it for all or nearly all of their income—it’s all they have. Each year, Social Security lifts 533,000 seniors 65 and over out of poverty in my state,” Durbin said.
Durbin continued, “Social Security is a lifeline that they earned after a lifetime of hard work. But many beneficiaries still struggle with living expenses. Every day, seniors are forced to make decisions that most Americans pray they will never have face like whether to buy groceries or pay the utility bill, refill their medications or pay their rent or mortgage. And now, if we do nothing, if Congress does nothing with this Board of Trustees’ report, every single senior faces the prospect of making do with $455 less a month in just six years.”
Durbin then called on his colleagues to work in a bipartisan manner to protect and save Social Security before it’s too late.
“So why haven’t we done something to avoid this deadline in 2032? It’s because we have a fear that doing what is right may be politically unpopular. Every year when the Social Security Trustees’ report is released, we, again, bury our heads in the sand and say, thank goodness some future Congress will take care of this problem,” Durbin said. “Social Security is a bedrock promise we make to America—the most fundamental safety net program in America. And I’m concerned Congress will wait until the absolute last minute to try to do anything to save it. That would make it extremely difficult. It would be irresponsible conduct—unacceptable.”
Earlier today, Durbin released a bipartisan statement with Senators Bill Cassidy, M.D. (R-LA), Tim Kaine (D-VA), and Thom Tillis (R-NC) saying that Congress shouldn’t delay any longer.
“We must find a way for Congress to debate this issue in a transparent, fair, and bipartisan way—a mechanism that would force us to make meaningful and important policy choices. Several of us have been working together trying to figure out how we can strengthen Social Security for [current and] future generations of retirees,” Durbin said. “We say to our colleagues: join us in doing what we were elected to do—legislate on hard issues and protect this lifeline program for our kids and grandkids. Because we do not have a shortage of ideas. What we lack is a will to do it.”
Durbin concluded, “Let’s not run away from this responsibility anymore. Let’s not say it’s somebody else’s problem. We were elected to solve problems. And there’s no greater problem than the solvency and future of Social Security… We were sent to Congress to legislate and to vote on the hard issues. Four Senators—two Democrats, two Republicans—are stepping forward now to say we can work on this together. We owe it to our kids and grandkids to protect and bolster this critical and important program.”
Video of Durbin’s remarks on the Senate floor is available here.
Audio of Durbin’s remarks on the Senate floor is available here.
