Warning over Social Security funds

Newsweek - A new warning over Social Security’s long-term finances says the program’s funds are on an unsustainable path, with analysts urging policymakers to better align revenues and spending to avoid steep benefit cuts.

A new analysis from the Committee for a Responsible Federal Budget (CRFB) warned that Social Security’s retirement trust fund is projected to become insolvent in fiscal year 2032, triggering steep automatic benefit reductions if Congress does not take action.

The group’s brief—drawing on the Congressional Budget Office’s (CBO) latest baseline—said that aligning Social Security’s spending and revenues would ultimately strengthen the nation’s fiscal and economic outlook, and that abrupt, across-the-board cuts at insolvency would be highly disruptive for retirees.