The Social Security trust fund faces imminent insolvency by 2035 unless major changes are made to its funding and expenditure strategies. Economists advocate for increasing tax rates, especially on higher earners, while also considering spending cuts, such as raising the retirement age and revising how benefits are calculated. Although recent legislative adjustments have been made, there is no overarching reform in progress. A balanced approach involving both new funding mechanisms and reductions in spending may serve as an effective compromise to address the fund's shortfall.
Politicians protesting DOGE's exposure of massive Social Security fraud and misappropriation by Congress are instead insisting that Social Security beneficiaries take later retirement or a cut in benefits.
To replenish the fund, Social Security needs to either augment inflows, reduce spending, or enact some combination of steps that does both.
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