In its 86-year history, the Social Security program has never faltered, but legislators have yet to provide a road map for how to fix this insolvency issue.
The estimated date in which Social Security’s trust funds will be unable to pay full benefits was moved up a year — from 2035 to 2034, according to the trustees report — a clear signal Americans in and out of Congress need to pay attention to the needs of this program.
If nothing is done, Americans will receive approximately a 22% cut to their benefits, the report found. Medicare’s hospital insurance fund, which pays for inpatient care, could pay about 91% of hospital insurance costs after depletion in five years. The last major reform to the program was in the 1980s, Richtman said. The latest trustees report might spark the fire needed to bring change. “There’s so much political pressure from constituents demanding that this be fixed,” he said. “The average benefit is $1,500 a month and to have it reduced is unacceptable.”
The economy rebounded “more quickly than expected” and although revenues for Social Security were down, the numbers didn’t compare to expectations, Kathleen Romig, a senior policy analyst at the Center on Budget and Policy Priorities, tweeted. Romig wrote a thread breaking down the trustees report on Twitter.
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