https://www.npr.org/2024/05/06/1249406440/social-security-medicare-congress-fix-boomers-benefits
Congress has less than a decade to fix Social Security before the popular program runs short of cash, threatening a sharp cut in benefits for nearly 60 million retirees and family members, according to a government report released Monday.
The report from Social Security trustees predicts the retirement program's trust fund will be exhausted in November of 2033. At that point, benefits would automatically be cut by 21%, unless lawmakers adopt changes before then.
Congress could fix the problem by raising taxes that support Social Security, reducing retirement benefits, or some combination of the two. But a politically palatable solution has been elusive.
Congressional Democrats have proposed higher taxes on the wealthy to support Social Security. Congressional Republicans have balked at that, instead calling for reducing the benefit formula and raising the retirement age for younger workers.
They're not going to be able to kick this particular can down the road much longer.
I've seen projections saying we can make SS solvent for a few more decades without cutting benefits by eliminating the income cap on the Social Security tax (meaning high income people would have to pay in more), but that wouldn't fix things forever.