"Romney said the U.S. is headed for an economic cliff as the Social Security Trust Fund races toward insolvency in 2034, according to a projection from the CRFB. Without congressional intervention, benefits would be slashed by roughly 23%, forcing the government to borrow trillions at potentially exorbitant interest rates or print money that could trigger hyperinflation."
""Today, all of us, including our grandmas, truly are headed for a cliff," he warned. "Typically, Democrats insist on higher taxes, and Republicans insist on lower spending. But given the magnitude of our national debt as well as the proximity of the cliff, both are necessary.""
"America's national debt has swelled to more than $38 trillion; in 2025 alone, it increased by about $1.8 trillion. Last year, interest payments on the debt surpassed $1 trillion for the first time, exceeding spending on Medicare and national defense. Annual debt-servicing costs are projected to climb to $1.8 trillion over the next decade."
The Social Security Trust Fund faces projected insolvency in 2034, which could trigger automatic benefit cuts of roughly 23% without congressional action. The national debt has topped $38 trillion, with 2025 adding about $1.8 trillion and interest payments recently surpassing $1 trillion. Annual debt-servicing costs are projected to reach $1.8 trillion over the next decade. Proposed responses include both spending reductions and higher taxes on high earners, including raising the payroll tax income cap above $176,100, to shore up Social Security and reduce borrowing risks.
Read at Fortune
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