They’ll probably find a way to stitch things together through benefit cuts, increased taxes, and a later eligibility age; all solutions that nobody will like. From Mike Shedlock at mishtalk.com:
Congress last made major Social Security changes 43 years ago.
The Wall Street Journal reports The Next Class of Senators Won’t Be Able to Dodge the Social Security Crunch
After years of Congress sidestepping and postponing the issue, the lawmakers will have to confront the program’s challenges before their new six-year terms conclude. Recent projections pegged late 2032 as the moment when Social Security’s reserves and incoming tax revenue won’t yield enough money to pay full benefits.
Failure to act would trigger automatic benefit cuts. Acting is no picnic either, because raising revenue or reducing promised payments could be politically painful.
The math is brutal for the program known for many years as the third rail of American politics. Social Security owes lifetime benefits to the huge generation of baby boomers who are already retired or almost there. That commitment locks in costs that are virtually impossible to dislodge and puts younger workers and future retirees on course for tax increases, benefit reductions or both.
Congress last made major Social Security changes 43 years ago in a less partisan Washington, staving off insolvency with just months to spare by adopting tax increases and benefit cuts intended to make the program last 75 years. Since then, Americans have been bracing for more changes, with polls showing many doubt they will get their full checks.
Sen. Lindsey Graham (R., S.C.), seeking his fifth term this year, said the 1983 agreement between Republican President Ronald Reagan and Democratic House Speaker Tip O’Neill is the model.
Take more bribes and kickbacks from foreigners?
After we take Cuba, Columbia and Mexico we can get a few more years out of SS which started under esteemed CPUSA (D) party member comrade kommissar FDR.