How Many Happy Birthdays Left For Social Security?

It’s Social Security’s Birthday - But How Many Happy Returns Will it Have Left?

"Social Security turns 89 today, providing an opportunity to review its accomplishments while taking a hard look at its future — including the need to put the federal government’s largest program on a sustainable path.

“Politicians of both major parties are quick to promise that they will not touch Social Security. If they truly mean that, they are condemning the program to an uncertain future of sudden and substantial benefit cuts in about 10 years when the combined Old-Age and Survivors Trust Fund (OASI) and Disability Trust Fund (DI) are projected to be depleted. Rejecting the Do Nothing Plan and enacting needed reforms to put the program on a sustainable path for the next 89 years or more is the best birthday present we could give to Social Security,” said Concord Coalition executive director Bob Bixby.

Social Security provides a vital floor of protection for retired and disabled workers, as well as their dependents and survivors. But the program, which had expenditures of $1.4 trillion last year, faces major challenges. It has been running annual cash deficits since 2010. Meanwhile, the system’s expanding gap between benefit payments and dedicated revenues will contribute to future federal budget deficits."

- rest of The Concord Coalition's press release at It’s Social Security’s Birthday - But How Many Happy Returns Will it Have Left? - The Concord Coalition

 

This is not 1983 when Ronald Reagan and Tip O'Neill came together, worked through their differences, and passed reforms to shore up Social Security. In 2024, if a similar reform was proposed by Kamala Harris or Donald Trump - slowly increase Social Security taxes and slowly reduce benefits by making the age to start receiving benefits later - one side would rail against the cut in benefits and the other side would rail against the increase in taxes, and nothing would be done.