Commentary: Many Americans mistakenly believe that the Social Security outlook means the nation has 10 years to think about the problem. It doesn’t.
That is not a long time, considering that the Social Security Administration expects someone turning 79 today to liveMany Americans mistakenly believe that this outlook means the nation has 10 years to think about the problem. It doesn’t. The forecast isn’t a guarantee. It is a stern warning about what might happen even in a robust economy.The truth is that if the economy doesn’t cooperate, the consequences of Social Security will arrive sooner and hit harder than anyone expects.
In reality, the train is larger, moving faster, on less stable tracks. Since 2019, the size of the gap between what Social Security has promised and what it expects to pay has grown by nearly $10 trillion — more than 40%. It is possible, of course, that Congress will find the common ground to make those promises good, but the prospects of a resolution dwindle as the size of the problem grows.
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