President Donald Trump’s tariffs, which most recently include a 50% tariff on imports of steel and aluminum, are now projected by the Yale Budget Lab to cost each American household an average of $2,500 per year.
These price hikes could have an especially harsh impact on Social Security beneficiaries. While Social Security has a cost-of-living adjustment to account for rising prices, the next adjustment doesn’t kick in until January 2026 — meaning that Americans relying on Social Security to make ends meet will see stagnant income as prices continue to soar. Currently, about 16 million Americans rely on Social Security for all of their income, and price hikes without any change to monthly benefits could severely damage their ability to afford food, housing, and other necessities.
In response, Senators Elizabeth Warren, Chuck Schumer, and Ron Wyden have introduced the Social Security Emergency Inflation Relief Act, which would provide all beneficiaries with an emergency $200 per month benefit increase through the end of the year.
New polling from Data for Progress finds that this proposal is overwhelmingly popular with voters across party lines, with support from 82% of Democrats, 81% of Independents, and 84% of Republicans.
