Proposed reforms to save Social Security insolvency by 2033 [Video]

The main sources of revenue for Social Security, taxes on income and benefits, are falling short. Experts warn that if no action is taken, the program could face a 20% cut or more to benefits by 2033.Historically, workers paid more into Social Security taxes than what was paid out in benefits until 2010. Since 2021, the total cost has exceeded the program’s income from taxes and interest, and Congress has been borrowing to make up the difference. Congress previously spent surplus social security funds elsewhere.”If we want to help shore up its financing, looking at those sources of revenue and boosting them should be part of the solution,” Shai Akabas of the Bipartisan Policy Center said.It’s why researchers like Akabas are proposing a new funding strategy, warning the time to save Social Security is now. Beyond reducing benefits and upping taxes, other proposals include raising the retirement age, tying initial …