Social Security is celebrating its 91st birthday Friday—yet a prominent fiscal watchdog is warning that, without congressional action, the program in its current form may not survive to its centennial.
The Committee for a Responsible Federal Budget marked the occasion by noting that the retirement program’s trust fund is projected to be depleted in six years, triggering an automatic benefit reduction of about 22% under current law. For the average beneficiary, the group estimates, that would amount to roughly $500 less a month—a cut larger than the average retired household’s monthly grocery spending.
