The following is from the last Social Security Trustee Report in August 2021. It was sent to Nancy Pelosi and Kamala Harris.
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.
The report was prepared on the behalf of and signed as follows: