Debt ceiling deal ignores Social Security’s serious funding woes

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Americans worried about the impact of a U.S. default awoke to some good news as the House of Representatives managed to pass a deal to raise the debt ceiling, moving it one step closer to passage. Negotiations over the agreement, which suspends the debt ceiling for two years in exchange for some spending caps and other policy changes, have been fraught since the beginning, and the deal may still fall apart before the June 5 deadline.

This plan, which is meant to reduce federal spending, didn’t even touch the largest budget item: Social Security. Consuming about 1 in 5 dollars that the U.S. government spends, the retirement and disability program was placed off-limits months ago by Republicans themselves, who deemed it too politically risky to touch.

But Social Security is in serious trouble, and the need for Congress to do something about it is urgent, write Andrew Rettenmaier and Dennis W. Jansen, Texas A&M University economists who study the program. Based on current projections, Social Security will be able to cover only 77% of benefits by 2034, leading to “a sudden and dramatic benefit cut [that] would anger a lot of voters,” they note.

“Unfortunately, the actions necessary now to avoid it – like raising taxes or cutting benefits – aren’t getting serious consideration today,” they write. “But we believe there are strategies that could work.”

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Emily Schwartz Greco

Philanthropy + Nonprofits Editor

No big Social Security reforms have taken effect since the Reagan administration. David Hume Kennerly/Getty Images

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If Congress and the White House fail to take action, Social Security beneficiaries would see a sudden 23% cut in their monthly checks in 2034.

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Texas AampM University economists big Social Security reforms perfect superhero recast other policy changes largest budget item Dennis W Jansen dramatic benefit cut Understanding AI series Emily Schwartz Greco David Hume Kennerly Social Security beneficiaries Society House approval debt ceiling deal

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