The Future of Social Security
Some think that, because Social Security is not currently in crisis, Congress can deal with the program’s problems later. But if Congress waits until 2029 or 2033 to fix Social Security, policymakers will be left with very few options and will likely be forced to raise payroll taxes to unprecedented and harmful levels. If Congress acts sooner rather than later, however, it can restructure Social Security to make it solvent and secure in the long term. Personal savings, investment, and insurance accounts can solve the long-term financing crisis of Social Security without benefit cuts or tax increases. If Congress is serious about ensuring that future generations can benefit from this program, it would do well to implement these reforms.