Fixing Social Security’s 8-Year Cliff Rely On Trust And Stephen Goss

What We All Agree About Social Security: Insolvency Looms Large

Federal policymakers and the general public—to the extent that they pay attention—agree on the core financial dynamics of Social Security. According to the 2024 Trustees Report, Social Security’s total income in 2023 was $1,351 billion, while its expenditures reached $1,392 billion. This resulted in a shortfall, forcing the program to rely on its trust fund reserves. Projections indicate that these reserves will be depleted by 2033, at which point only about 79% of scheduled benefits will be payable. The consensus on the facts is clear and consensus on facts is hard won.

Most experts agree without intervention from Congress and the president, the Social Security system will be unable to meet its full obligations within the next eight years. This looming insolvency will make Social Security into one of the most hotly debated topic in Washington, D.C., and across America. Yet, without trusting the Trustees Report and the official numbers, it would be almost impossible to solve the problem.