Brian Johnson

Without Congressional Action, Social Security Can Pay Just 78% of Scheduled Benefits

Social Security’s projected trust-fund depletion around 2032 would trigger benefit cuts under current law, not bankruptcy: without congressional action, the program could pay about 78% of scheduled benefits. In an Aspen Ideas discussion, former Social Security deputy commissioner Jason Fichtner and economist Kathryn Edwards agree that the program needs reform but differ on the source of its shortfall: Fichtner stresses demographic pressures, while Edwards points to a weakened wage-based revenue base. Their debate is over how to preserve the program and fairly distribute the costs.