Social Security Benefits Under Current Law

Brief

Social Security Benefits Under Current Law

What Happens When the Trust fund Runs Dry?

Abstract

Social Security reform proposals are often compared to current law, but because current law is insolvent, analyses should include a variety of interpretations about what happens when the trust fund is exhausted. Two interpretations of current law are that benefits will be reduced so that they can be covered by existing taxes, and that taxes will be raised to cover promised benefits.

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