For decades, Americans have been paying into Social Security, a program that provides payments to those who are retired or disabled. Unfortunately, the program is financially unstable and according to a recent report, it is projected to become insolvent in 2033 – a decade earlier than previously thought. This is due to slower economic growth and the aging population.
“It was previously projected that Social Security would become insolvent in 2034, but now it’s projected to run dry in just 10 years, in 2033. Unless changes are made, 66 million SS recipients would see their benefits cut by 23-25%.” @brad_polumbo https://t.co/GvZ5FcX4l0
— Jack Hunter (@jackhunter74) April 3, 2023
The report also states that if Social Security reaches insolvency, 66 million people who receive benefits will see a 23-25% cut in their payments. This has caused some prominent Republicans to attack those who want to reform and shore up the program, claiming they are trying to “cut benefits”. However, the status quo is unsustainable and real cuts and reforms must be made in order to secure the future of Social Security.
Social Security is now expected to run short of cash by 2033 https://t.co/CW40z5St1z
— NPR Politics (@nprpolitics) March 31, 2023
Why Social Security is doomed, in one graph. pic.twitter.com/6lW8CMZLGZ
— Brad Polumbo 🇺🇸⚽️🏳️🌈 (@brad_polumbo) April 3, 2023
Milton Friedman proposed that we should meet obligations to current beneficiaries and phase out to a privatized Social Security system that would deliver higher rates of return. Unfortunately, many policymakers are too scared of public backlash to acknowledge this reality. They claim this makes them in tune with the people, yet to defend the status quo is to ignore the ticking time bomb that is Social Security’s finances.
The future of Social Security is uncertain and it is important for policymakers to take action now in order to ensure its long-term sustainability. It is not enough to simply bury one’s head in the sand and cover one’s ears as the time bomb keeps ticking away. It is essential that real reforms are made in order to protect the millions of people who rely on Social Security payments.
Social Security is an important program that provides financial stability for millions of Americans. It is essential that policymakers take action now in order to ensure its long-term sustainability and protect those who rely on its payments. Real reforms must be made in order to secure the future of Social Security, and it is up to policymakers to make sure this happens.