Social Security Reform Looms Ahead

I graduated from college in 1982. Social Security was broke at that point, with promised payments exceeding incoming revenues. Since the system was “fixed” in 1983, the trajectory has been clear to me. I would pay into the system my entire working life, first to support those who were already retired or soon-to-retire in the 1980s, but also to build up a “trust fund” that would help to finance benefits for those retiring in the early 2000s. But then, just about when I reached retirement age, despite my lifetime of payments, Social Security would again be broke, with promised payments exceeding the projected incoming revenues by about $29 trillion over the next 75 years, according to the actuaries. In a just and righteous universe, politicians would have their feet held to the fire for how they would prefer to address this issue–because the lack of an answer means, under current law, a cut of about 22% for all Social Security benefits starting around 2032. A general promise that…

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