Official Report Confirms Trump’s New Law Accelerates Social Security Trust Fund Depletion

A recent official assessment has confirmed that President Donald Trump’s “One, Big, Beautiful Bill,” signed into law on July 4, 2025, will hasten the depletion of Social Security’s trust funds. On August 5, 2025, Karen Glenn, Chief Actuary for the Social Security Administration (SSA), responded to Senator Ron Wyden’s inquiry, detailing the financial ramifications of the new legislation.

Glenn’s findings indicate that the “One Big Beautiful Bill Act” (OBBBA) reduces revenue flowing into Social Security, primarily due to permanent lower income tax rates and adjusted tax brackets, along with increased standard deductions for seniors. This reduction necessitates a faster draw from the program’s trust funds.

The SSA estimates the bill will cost the Social Security retirement program $168.6 billion between 2025 and 2034. Crucially, the OASI Trust Fund is now projected to run out in late 2032, nearly a year earlier than the previous estimate of early 2033. The combined Social Security trust funds are now expected to be exhausted in the first quarter of 2034, moving up from the third quarter of 2034.

While the Social Security program was already facing long-term solvency challenges, the new law has significantly accelerated the timeline for potential benefit cuts. Historically, such depletion could lead to a 23% reduction in benefits if no legislative action is taken. However, experts suggest Congress is likely to implement solutions before funds are fully depleted to avoid political fallout.

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