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.”
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