With the clock ticking to remedy Social Security’s financial ills, many experts are pushing Congress to take urgent action, yet there’s little agreement on which medicine might work best.
The points of contention were on display this week at a panel discussion focused on Social Security’s future. Competing proposals involve raising taxes, adjusting benefits, or both to ensure the program is sustainable.
On track to pay full benefits until 2034 Looking at combined projections for the retirement and disability trust funds, Social Security is on track to pay full scheduled benefits until 2034–one year earlier than reported last year, according to the latest Social Security trustees’ report. At that time, absent Congressional action, ongoing income will be sufficient to pay 80% of scheduled benefits.
Reform discussions are taking place against the backdrop of political sparring over which party is the staunchest defender of Social Security. President Joe Biden in his State of the Union address in February pushed for a bipartisan commitment to avoid any benefit cuts. “Stand up and show them, we will not cut Social Security, we will not cut Medicare,” he said. If anyone tries to cut the programs, he said, “I’ll stop them. I’ll veto it.
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