Trump signals possible Social Security changes despite past promises

During a press conference, Donald Trump announced a desire to see Social Security fully invested in the stock market in the first month of his initial year, a stance that drew sharp criticism from Democrats and some Republicans. This marks a departure from his repeated campaign pledges not to alter the program, which provides benefits to more than 71 million people and is confronting a funding shortfall. Martin O'Malley, the Social Security Commissioner, said that Trump’s signature economic package, dubbed the One Big Beautiful Bill, has pushed the depletion date of the trust fund forward by a year, offsetting gains made under the Biden administration.

O'Malley added that the administration’s policies have damaged both the trust fund and agency operations, and suggested the president now favors privatization. He cited Treasury Secretary Bessent’s remarks that Trump-era accounts were intended as a covert route to privatize Social Security, warning that such moves rely on risky Wall Street and cryptocurrency investments rather than the program’s guaranteed stability.