It’s Time to Talk About Social Security. No More Waiting.


Even with the tax on high earners, Mr. Biden’s proposal would buy the program only an additional five years of solvency, according to the Urban Institute analysis, though it would soften the benefit cuts that would be necessary if further changes aren’t made.

Mr. Biden’s policy advisers, however, said the proposal is something of an opening bid. “The vice president’s financing proposal shows how he would protect and increase benefits for all Social Security recipients while making a down-payment on long-term solvency,” said Gene Sperling, an outside adviser to Mr. Biden and a former national economic adviser to Presidents Bill Clinton and Barack Obama.

Just about every American has something at stake, or someone close to them who does: Roughly 178 million workers contribute to the program, and, this year, an estimated 45.8 million retirees will receive nearly $70 billion in benefits — the average monthly check is about $1,500 per month, according to the Social Security Administration.

Under current law, retirement benefits can only come out of the trust fund, which will be depleted by 2034, according to Social Security Administration estimates that do not take the pandemic into account. At that point, taxes collected will be enough to pay only 76 percent of benefits. (A Congressional Budget Office report from September predicted the trust funds would run out in 2031, others, including the Bipartisan Policy Center, project it could be sooner.)

The cost of inaction is serious, Mr. Akabas said, because as insolvency creeps closer, the changes necessary will become increasingly painful — tax increases will need to be greater, any cuts more severe. “The longer we wait to fix the problem,” he said, “the fewer people who can play a role in the solution.”

About half the population 65 and older live in households that receive at least half of their income from Social Security, according to a 2017 study published in the Social Security Bulletin. Roughly 25 percent of elderly households rely on Social Security for at least 90 percent of their income.

Joyce Welch, a 73-year-old retiree in Sacramento, subsists on Social Security alone. A single mother who raised two sons, she worked full time for most of her life. But her health started to decline roughly 15 years ago because of an undiagnosed autoimmune disease, and within a couple of years, she had to retire from her job as a site supervisor and family consultant at a caregiver support center in Los Angeles.


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