How Should Lawmakers Address Social Security's Looming Insolvency?
Summary from the AllSides News Team
How should lawmakers address the forecast depletion of the Social Security and Medicare trust funds?
For Context: The Medicare trust fund is projected to be depleted in 2036, and the Social Security trust fund is projected to be depleted in 2035.
“Looming Crisis”: The National Review Editorial Board (Right bias) treated the report as a warning, urging lawmakers to not draw the wrong conclusions from the updated forecast. If entitlement programs are not reformed and deplete their funds, the board predicted, then lawmakers will borrow more money to fund the programs, leading to inflation, interest rate hikes, and additional pressure on the economy. The board concluded, “Politicians have a built-in warning mechanism for this looming crisis every single year when the trustees’ reports are released. They can pretend they don’t notice or celebrate a later insolvency date, but they can’t change the math unless they reform the programs.”
“Sooner or Later”: The Washington Post Editorial Board (Lean Left bias) outlined the political dilemma of proposing reforms to entitlement programs, which are highly popular and relied on by many elderly Americans, who vote in large numbers. The board argued that “cuts could become unavoidable.” Both President Joe Biden and former President Donald Trump have vowed not to reduce entitlement payments. The board concluded, “The 2024 campaign is probably not going to feature much honest debate about this, but the conversation has to happen sooner or later. Saving Social Security and Medicare requires reform.”
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