Congress Urged to Address Social Security's Financial Shortfall to Avoid Sharp Reforms
The American Academy of Actuaries warns that Congress must act soon to address Social Security's projected 2034 shortfall of 2.88% of taxable payroll, which is three times larger than the gap that led to the 1983 reforms. Without timely action, more abrupt benefit cuts or tax increases may be necessary. The Academy emphasizes the need for gradual reforms to avoid sudden changes.
Topics: actuarial analysis fiscal policy government reform Social Security tax policy