Watch out: Democrats’ big ideas for “saving” Social Security — now set to go bust in 2032 — range from lunacy like boosting payouts to madness like job-killing tax hikes.
The program’s trust fund empties out in just six years, forcing automatic 22% cuts in payments, yet the Democrats who just won control of Congress look to worsen the outlook, throwing the system’s finances even further out of whack.
Last year, Social Security’s Old-Age, Survivors, and Disability Insurance trust funds shelled out $160 billion more than they took in, red ink on track to grow to $400 billion by 2033 as the population continues to age and the ratio of workers-to-beneficiaries plunges.
