As you may remember from your history class, Social Security was signed into law by President Roosevelt in 1935. Since then, millions of Americans have survived or complemented their retirement savings with that monthly check or direct deposit. It’s become a sacred cow of politics, and most politicians avoid talking about it.
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Graphic: SSA Post
It looks like we will be talking a lot about it in 2032, or not that far down the road. Let’s take a look at this editorial from The Washington Examiner:
Politicians from both parties have been able to avoid Social Security’s impending insolvency for decades because bankruptcy was still years away. It was a little over the horizon, and for our irresponsible politicians, out of sight has been out of mind. But according to the latest Social Security trustees’ report this week, bankruptcy is upon us now. The Social Security trust fund is estimated to run out of money in 2032. That means whoever wins the next presidential election in 2028 will have no choice but to confront Social Security in the final year of a first term. Whoever is in office then will have surprising flexibility in deciding what happens next.
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Bankruptcy is upon us? Funny how that happens. Social Security was supposed to be self-financing, but now it may run out of money. Funny how that works too.
The big question now is whether the issue will be discussed in the upcoming 2028 election or avoided altogether by a news media obsessed with everything Trump. Will the media ask Democrats and Republicans for their plans to save the program? The fact is that millions of Americans depend on that check, and punting on a resolution may not cut it this time.
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So, the countdown to 2035 is underway, and it’s going to get louder and louder.