Social Security benefits will be slashed twenty-one percent beginning in 2033 because its reserve fund will be depleted by then. According to the Committee for a Responsible Federal Budget (CRFB):
“The Social Security program is currently paying out more in benefits than it collects in payroll tax and other revenue, and it is drawing down its reserves to cover the remaining cost of benefits. The program’s Trustees project that the OASI trust fund—which funds retirement benefits—will deplete its reserves in the fourth quarter of 2033.”
By law, benefits will automatically be cut to compensate, something about which most Social Security recipients are oblivious.
No political solution in sight
Neither presidential candidate offers practical fixes to this coming train wreck. Kamala Harris said she would “protect and expand” Social Security. It’s hard to imagine that expansion is practical when it is running out of money at its current size.
Donald Trump says he wants to cut …