In a word, politics. In another word Congress.
We talk about the bad stuff caused by the influence of lobbyists and yet Congress seems immune to the influence of the Social Security Trustees. Following are the recommendations from the Trustee Reports for 2021 and 2010. Notice any similarities?
The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them. Implementing changes sooner rather than later would allow more generations to share in the needed revenue increases or reductions in scheduled benefits. Social Security will play a critical role in the lives of 65million beneficiaries and 176 million covered workers and their families during 2021. With informed discussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations.2021 Trustee Report
The Board of Trustees have not had a public trustee since 2015 the administrations having failed to appoint them.
The projected trust fund shortfalls should be addressed in a timely way so that necessary changes can be phased in gradually and workers can be given time to plan for them. Implementing changes sooner will allow the needed revenue increases or benefit reductions to be spread over more generations. Social Security plays a critical role in the lives of 54 million beneficiaries and 155 million covered workers and their families in 2010. With informed discussion, creative thinking, and timely legislative action, present and future Congresses and Presidents can ensure that Social Security continues to protect future generations.2010 Trustee Report
Members of Congress have no trouble suggesting trillions in new spending, new programs to please every type of voter, new ongoing liabilities, but when it comes to dealing with current liabilities, telling Americans the truth, there is near silence. And too many Americans accept it all with hands out for more.