More Proof: We Must Act Soon to Save Social Security
Washington, DC – Below is a statement from Bipartisan Policy Center Vice President and Chief Economist Jason Fichtner on the release of the 2023 Social Security Trustees Report.
“We have long known that Social Security is on an unsustainable financial path. Today’s Social Security Trustees report only reinforces the urgent need for Congress to shore up this crucial program on which so many hard-working Americans depend. It is particularly alarming that the Trustees now expect the old-age and survivors insurance trust fund to run dry in 2033, one year earlier than last year’s projection. At that time, benefits for all recipients will be reduced by nearly 25%. Policymakers who are vowing never to touch the program or proposing purely partisan solutions are putting their heads in the sand and steering us toward the cliff. BPC will continue to work with congressional leaders and executive branch officials in pursuit of urgently needed bipartisan solutions to sustain and improve this program.”
BPC’s Jason Fichtner and Shai Akabas are available for comment.