'The Congressional Budget Office (CBO) recently released its latest financing projections for the Social Security program, showing a long-term funding shortfall that has more than quadrupled since 2008. The program's trust fund, which in 2008 the CBO projected would last until mid-century, is today projected to run out two decades earlier, in 2029. At that time, by law, benefits would be cut across the board by one-quarter…
How hard is it to make Social Security solvent without cutting benefits? So hard that even Independent Sen. Bernie Sanders, who is now running for the Democratic Presidential nomination, can't do it. Sanders's reform proposal would eliminate the $118,500 cap on wages subject to payroll taxes, which would effectively raise the top federal income tax rate by 12 percentage points…But despite tax increases far larger than those President Obama was able to enact, Sanders' plan still falls decades short of the traditional goal of making Social Security solvent for 75 years. Even if the Sanders plan passed, today's young Americans would receive less than 90 percent of their promised Social Security benefits.'
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