The Social Security Trustees released their annual report on the program’s trust funds, showing that the largest component of the federal budget is on an unsustainable path. Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.
Below are the key takeaways from today’s report:
Social Security is the largest single line item in the budget and a key driver of the national debt; it is also an essential component of our economy and society. If reforms are not enacted soon, recipients could see a large decrease in their benefits. Americans are united in their desire to avoid those automatic cuts, with 95 percent of voters believing it is important to elect lawmakers who are committed to strengthening Social Security. The leaders that voters elect this fall will face critical decisions in coming years about the future of Social Security, and the good news is that there are many available options to strengthen and secure the program.
Related: Social Security and Medicare Trust Funds Could Soon Be Depleted
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