Fixing Social Security

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Since its inception, Social Security has been crucial to American retirement. However, demographic shifts—longer lifespans and declining birthrates—have led to a situation where benefits outpace revenue. Without reforms, 83 million Americans could see a 20 percent benefit cut by 2034. This exploration delves into how Social Security has influenced American politics, why Congress has failed to address its insolvency for three decades, and potential solutions. Legislators face tough choices: raising taxes, cutting benefits, or reinventing the program, as seen in past attempts. Each option carries significant costs, leading to political hesitance due to fears of electoral backlash. The author examines the historical design of the system and how costs and benefits were allocated among workers, employers, and beneficiaries from 1935 to 1983. Additionally, the analysis highlights the changing political landscape, revealing why bipartisan support for Social Security has eroded into deep polarization. As the program approaches a critical juncture, this work provides a thorough examination of the political challenges and offers insights into potential paths forward before it’s too late.