'Lawmakers have many options for changes that would reduce or eliminate the long-term financing shortfalls...,' trustees wrote. 'With each year that lawmakers do not act, the public has less time to prepare for the changes.'
. The revision reflects a 3% reduction in labor productivity and gross domestic product.
If the OASI was combined with the fund that pays out disability benefits — the Disability Insurance Trust Fund — the reserves would last a year more until 2034, when they could pay out 80% of benefits. But the two funds can't be combined unless there's a change in the law. "This year’s Trustees Report reinforces the urgent need for Congress to shore up Social Security’s finances," Shai Akabas, director of economic policy at the Bipartisan Policy Center, told Yahoo Finance. "We have known this cliff was looming for decades, and yet every year, we delay taking action and the measures required to solve the problem get harder."Social Security, which provides benefits to 66 million people, is mostly a pay-as-you-go program.
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