Lawmakers Fear ‘Chaos’ Caused by Tariffs Will ‘Decimate’ Retirees’ Savings

June 10, 2025 by Katelyn Sims
Lawmakers Fear ‘Chaos’ Caused by Tariffs Will ‘Decimate’ Retirees’ Savings

WASHINGTON — Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., have written a letter to Trump administration officials expressing their fear that the “economic chaos” stemming from the president’s tariff policy will “decimate retirees’ savings.”

Compounding their concerns, they wrote, is the administration’s taking a “wrecking ball” to the Social Security Administration by imposing staff cuts that are “limiting seniors’ access to their hard-earned benefits.”

Together, they wrote in a letter to the secretaries of Treasury and Commerce, the U.S. Trade Representative, and head of the Social Security Administration on Friday, the administration’s actions are making it harder for America’s 57 million seniors to make ends meet.

Warren and Wyden pointed to a number of statistics.

They point out that in late April the Department of Commerce released data showing that the nation’s economy shrank 0.3% in the first quarter of 2025 — the first decline in over three years.

In addition, they say, the president’s “red-light, green-light” approach to tariffs, imposing them one day only to roll them back the next, is “raining volatility on markets.”

They go on to cite the most recent meeting of the Federal Reserve’s Federal Open Markets Committee during which the body officially lowered its expectations for U.S. economic growth this year.

“And while the Trump administration drives the American economy off a cliff, its so-called Department of Governmental Efficiency is hollowing out [the Social Security Administration] as a backdoor means of cutting benefits,” Warren and Wyden claim.

“DOGE is closing offices, slashing the workforce that makes sure Americans get their checks every month, and destroying the IT systems that recipients rely on to access their benefits, resulting in increased wait times on the national 1-800 number, long service blackouts, and glitches that leave families believing they have been stripped of their benefits,” they said.

According to the senators, about 77% of Americans over the age of 65 currently rely on their personal savings and Social Security benefits for income.

Others have suggested the situation is concerning but not bleak.

AARP found that as of March, about 40% of retirees were relying on social security for their income. 

A recent survey released by the National Association of Plan Advisors found that workers and retirees are confident in their overall retirement outlook.   

In fact NAPA’s 35th annual Retirement Confidence Survey showed that roughly 67% of workers and 78% of retirees are confident they will have enough savings to live comfortably throughout retirement. 

Warren and Wyden close their letter stating,“Further reducing the value of these savings while limiting access to Social Security benefits means putting seniors at risk of having to choose between putting food on the table and paying rent. The Trump administration must answer for the damage it is inflicting on America’s seniors.” 

A+
a-
  • Elizabeth Warren
  • Ron WWyden
  • Social Security
  • tariffs
  • In The News

    Health

    Voting

    U.S. Senate

    July 16, 2025
    by Dan McCue
    White House Backs Exempting PEPFAR From Rescissions Package

    WASHINGTON — The White House signaled it’s fine with Senate Republicans exempting PEPFAR, the global anti-AIDS initiative, from cuts proposed... Read More

    WASHINGTON — The White House signaled it’s fine with Senate Republicans exempting PEPFAR, the global anti-AIDS initiative, from cuts proposed in the rescissions package moving toward passage this week. As of Wednesday afternoon, the legislation had entered the extended prelude to a final vote known as... Read More

    A Senate Vote This Week Will Test the Popularity of DOGE Spending Cuts

    WASHINGTON (AP) — Senate Republicans will test the popularity of Department of Government Efficiency spending cuts this week by aiming to pass... Read More

    WASHINGTON (AP) — Senate Republicans will test the popularity of Department of Government Efficiency spending cuts this week by aiming to pass President Donald Trump’s request to claw back $9.4 billion in public media and foreign aid spending. Senate Democrats are trying to kill the measure but need... Read More

    July 11, 2025
    by Dan McCue
    Schumer Presses Kennedy to Declare Measles Emergency

    WASHINGTON — Senate Democratic Leader Chuck Schumer, D-N.Y., on Friday urged Health Secretary Robert F. Kennedy Jr. to declare a... Read More

    WASHINGTON — Senate Democratic Leader Chuck Schumer, D-N.Y., on Friday urged Health Secretary Robert F. Kennedy Jr. to declare a public health emergency for measles after confirmed cases of the virus reached their highest number in more than three decades. In a letter to Kennedy, Schumer... Read More

    July 10, 2025
    by Dan McCue
    Senate Panel Votes to Block Funding for New FBI Headquarters in DC

    WASHINGTON — The Senate Appropriations Committee on Thursday approved an amendment to the annual Justice Department funding bill that effectively... Read More

    WASHINGTON — The Senate Appropriations Committee on Thursday approved an amendment to the annual Justice Department funding bill that effectively blocks the Trump administration from moving the FBI headquarters to a new site on Pennsylvania Avenue. As previously reported by The Well News, the FBI and... Read More

    House Republicans Race Toward a Final Vote on Trump's Tax Bill, Daring Critics to Oppose

    WASHINGTON (AP) — Republican leaders in the House are sprinting toward a Wednesday vote on President Donald Trump's tax and spending... Read More

    WASHINGTON (AP) — Republican leaders in the House are sprinting toward a Wednesday vote on President Donald Trump's tax and spending cuts package, determined to seize momentum from a hard-fought vote in the Senate while essentially daring members to defy their party's leader and vote against it.... Read More

    July 1, 2025
    by Dan McCue
    Senate Passes ‘Big, Beautiful Bill' With Vance Serving as Tiebreaker

    WASHINGTON — A sharply divided Senate on Tuesday passed the massive spending and tax cuts package known as the “Big,... Read More

    WASHINGTON — A sharply divided Senate on Tuesday passed the massive spending and tax cuts package known as the “Big, Beautiful Bill,” sending it back to the House to consider a plethora of changes to the contentious legislation. The 51-50 vote, for which Vice President JD... Read More

    News From The Well
    scroll top