91 years and now crisis from neglect. No excuse‼️

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget: 

As policymakers blow out the candles on Social Security’s 91st birthday, they are doing far too little to ensure its continued longevity. Social Security won’t make it past age 97 as things currently stand – at least not in its current form. The best birthday gift we could give Social Security is a solvency package, so Social Security’s 70 million beneficiaries and 237 million contributors know they’ll be able to count on benefits, going forward.  

Social Security is deep in deficit, and once its trust fund is depleted, under the law, it cannot pay more in benefits than it generates in revenue. In just six years, beneficiaries will face an abrupt 22% benefit cut – the equivalent of a roughly $500 cut in monthly benefits per beneficiary. That’s more than what the average retired household spends on groceries each month.

If policymakers try to paper over this cut with general revenue funding, it would add $190 trillion to the debt over the next 75 years – enough to set off a debt spiral – and end Social Security as we know it as a self-financed contributory program.

The window for saving this program is closing fast. Policymakers must enact a solvency package – or establish a process to develop a solvency package – as soon as humanly possible. This is a fast becoming a national emergency, and it’s time our leaders take this crisis seriously. 

The Committee for a Responsible Federal Budget has an interactive map allowing you to see the impact of Social Security cuts in your state.