For nearly a century, Social Security has served as the bedrock promise of American retirement — a covenant between generations. Now, as the trust fund approaches depletion by 2032, the arithmetic of that promise is straining against the financial reality of the workers it was built to protect. The most direct remedy, a payroll tax increase to 17%, would cost median earners thousands annually they do not have, forcing policymakers to search for a more equitable path before the clock runs out.
Social Security tax hike would cost workers thousands annually, expert warns
Millions of Americans approach retirement with no savings, and a payroll tax increase would disproportionately burden workers already living paycheck-to-paycheck.