Social Security’s main trust fund could be depleted by early 2033, leaving incoming payroll taxes sufficient to cover only about 86% of scheduled benefits.
Kent Smetters, Wharton Professor of Business Economics and Public Policy and Faculty Director of the Penn Wharton Budget Model, explains why the program is approaching a critical funding deadline and what it could mean for current and future retirees.
He also discusses the impact of falling birth rates and longer lifespans, why delaying reform makes the eventual solution more difficult, and the policy options Congress could consider to strengthen Social Security.
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