Social Security’s trust fund insolvency is now looming in Congress’s windshield after the Congressional Budget Office reported that it will run out of money in 2032.
That places it firmly in the 10-year budget window for the first time ever. It’s a somber milestone, turning something that had always been some future generation’s problem into a here-and-now reality.
“There’s a sense in which doing nothing means benefits will go down for all beneficiaries,” CBO Director Phillip Swagel said. “We’ve been talking about exhaustion of the trust fund as something that’s going to happen way off in the by-and-by. When it comes within the budget window, I think it’s more than symbolically important,” he said. “It also affects policy choices.”
“Any time you have an exhaustion date that is a near-term exhaustion date, whether it be inside the budget window or right outside the budget window. I don’t think that’s a particular factor,” she said. But that would upend the premise of Social Security, which is that it’s supposed to be a sort of public pension program with workers getting back benefits commensurate with what they paid in. That would make it more akin to a welfare program.Sen. Bernard Sanders, Vermont independent, joined a group of Democrats in proposing a tax increase that would apply to taxpayers with incomes more than $250,000. It would also apply the payroll tax to investment and business income.
The result is an additional $21 trillion that would extend the trust fund’s solvency until close to the end of the century.
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