VIEWPOINT | Social Security reform is coming (really) and will bring political rewards
Column by Veronique de Rugy
No matter what President Joe Biden and former President Donald Trump promise you, and no matter its past as the untouchable “third rail” of American politics, Social Security will be modified one way or another within the next 10 years. While both candidates are misleading their voters, the party with the most to lose from ignoring Social Security’s troubles is the GOP.
First, some background. It doesn’t matter that some people continue to believe the money for Social Security is in an account with their name on it, or that they trust Biden’s and Trump’s word not to touch the program. If Congress doesn’t do something before Social Security’s Trust Fund expires, benefits will automatically be cut by about 20 percent. When there are no more assets to fill the gap between payroll-tax receipts and the benefits being paid out – and not since 2010 has enough tax been collected to cover Social Security – the program will revert to a pay-as-you-go system.
