On Monday, the trustees of the Social Security system released their annual report documenting the system’s current and projected health. The key message of the report was that the Social Security trust fund is in deteriorating condition and the Old-Age and Survivors Insurance (OASI) program – the portion that covers some 94% of American workers – will exhaust its trust fund by 2033. Various media reports presented this as a surprise – especially since the report from last year had a D-day of 2036. How could we have lost three years off the trust fund in a single year?
Lawmakers should address the financial challenges facing Social Security and Medicare as soon as possible. Taking action sooner rather than later will leave more options and more time available to phase in changes so that the public has adequate time to prepare.
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