What happens when the country’s most important retirement program runs out of money? Social Security faces a funding crisis by 2035. We unpack how the system works, why it’s in trouble, and what fixes could keep it afloat.
Kyle Hulehan and Erica York are joined by Alex Durante, Senior Economist at the TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation. Together, they break down the trade-offs behind today’s biggest Social Security reform ideas.
Links
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- Social Security: Lessons for Reform See more
- How the Payroll TaxA payroll tax is a tax paid on the wages and salaries of employees to finance social insurance programs like Social Security, Medicare, and unemployment insurance. Payroll taxes are social insurance taxes that comprise 24.8 percent of combined federal, state, and local government revenue, the second largest source of that combined tax revenue. Base Has Changed Over Time See more
- Sustainably Reforming Social Security and Medicare Will Need More than Just Tax Hikes See more
- The Unsustainable US Debt Course and Impacts of Potential Tax Changes See more
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