Today’s workers pay for the benefits of current Social Security recipients. But the worker-to-beneficiary ratio is shrinking. What used to be almost 9 workers to every one beneficiary is now less than 3:1. Payroll taxes alone can no longer fund $1.6 trillion dollars in benefits for 2025 and beyond. Unless meaningful reform is made, the Social Security fund will run dry in less than ten years, and benefits will be slashed by nearly 25%.
To learn more about Social Security and the Hoover Institution’s Tennenbaum Program for Fact-Based Policy, be sure to visit: hoover.org/tennenbaum
