Krugman: "America can afford to keep paying full (Social Security) benefits. But will we? [View all]
https://paulkrugman.substack.com/p/social-security-is-facing-a-political
Whatever you may have heard, Social Security isnt in danger of going bankrupt. . .
Yet the current administration and Republican party are such extremists that there is a real risk that Social Security will be held hostage on behalf of their goals. If this should come to pass, the hostage-takers will claim that shoring up Social Security is unaffordable. Right on cue, Mike Johnson, the Trump-sycophant Speaker of the House, declared on Monday that entitlement programs like Social Security have to be adjusted and fixed, and that Republicans will introduce a plan to that effect next year.
But this is a ploy, because while the cost of maintaining Social Security benefits at their promised level isnt trivial, it is in fact affordable. . . .
Is Social Security in trouble? Yes, but only because of the way its financing is currently structured a structure that no longer works well because our society and economy have become so unequal. Moreover, Trumps immigration policies are further endangering its already deteriorating financial condition.
So dont believe Republicans gaslighting that it will be necessary to cut Social Security benefits. All that is necessary to preserve Social Security is political will to raise taxes on the wealthy and a sensible immigration policy.