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Penland knows a thing or two about balancing budgets. From his headquarters in Beaumont, Texas, he built one of the largest rig and crane mat companies in the world. Along the way, he’s also served on the boards of top American banks. That experience, he says, opened his eyes to the looming disaster in Washington.
“It’s time to unmask the American financial situation,” Penland explained.
And he’s doing more than talking. Penland recently launched an organization dedicated to putting Social Security reform on the White House’s agenda. He points to Ronald Reagan’s 1981 presidential commission, which shored up the program for decades, as proof real action is possible.
“It was a 50-year bandaid,” Penland said of Reagan’s fix. “Now we’re staring down the deadline in 2031.”
That 2031 deadline isn’t hypothetical. According to experts, the Social Security trust fund will be drained by then, forcing across-the-board benefit cuts of up to 20%.
The math is simple: more retirees are drawing benefits while fewer workers are paying into the system.
“We’ve simply outgrown the program,” Penland noted.
When President Franklin D. Roosevelt created Social Security in the 1930s, 160 workers supported each retiree. Today, that ratio is closer to 3-to-1—and shrinking.
“We need to reform the system and President Trump is the one to do it,” Penland said confidently. “He doesn’t need to run for re-election, he has a political mandate, he’s the one to get it done.”
He even revealed he’s talking directly with House Speaker Mike Johnson (R-LA):
“Our president has the shoulders to bear that, and I’ve got some plans, I’m working with the Speaker on that as we speak.”
Meanwhile, the Congressional Budget Office reports the Social Security trust fund is being depleted at an alarming rate—$67 billion in 2024 alone, up from $41.4 billion the previous year.
Despite the grim numbers, Penland insists there’s still hope.
“The good news is there is still time to develop and execute a plan to make sure such a situation never happens,” he wrote. “However, we must address this looming crisis soon because the longer we wait, the more difficult it will be to fix the problem.”
He’s calling on Americans to pressure Congress into action:
“You can play a key role in making this happen by contacting your congressional representatives and senators, asking them to introduce a resolution that urges the president to form a commission to save Social Security.”
