Columnist Susan Wozniak: Is help coming for Social Security?

Susan Wozniak

Susan Wozniak

By SUSAN WOZNIAK

Published: 02-28-2025 7:01 AM

 

My only source of income is Social Security. I am one of the nearly 69 million people who receive monthly payments. My benefit is below the average by $300. The reason is because, like many women, I devoted several years to motherhood. I also taught, so I did not contribute to Social Security through all my working years.

I went to graduate school when my kids were in high school and graduated with honors at 50. I bought a ream of pale gray paper to make me stand out. I ran out of paper at 52. I asked myself, “What is the difference — besides age — between me and a 24-year-old?” I decided it was not having served an internship. I applied for one, hoping my writing and editing experience would push me through. Instead, I was pushed out by a supervisor who told me, “We can’t have older people here.”

I left the office and walked over to the state agency that handles the problem I faced. The intake worker, a black man, told me that ageism is the leading form of discrimination in Massachusetts.

I begin with this because I doubt that the applications I recently sent will place me in a job. So, if the MAGAs have their way, I could be without any income.

According to news reports, Speaker of the House Mike Johnson’s budget is far right. Moderate Republicans spoke of going their way, but backed the conservatives. Senate Republicans are still trying envision how to push their budget — which is not directed toward helping — through both chambers.

I turned to the Urban Institute for more information. Their headline, published seven months ago, reads, “If Social Security runs out of money, poverty among older adults and people with disabilities will soar.”

Social Security’s trust fund is thought to be emptied within a decade. Payments will end for 81 million retirees, the disabled and their families. Surprisingly, policy analysts doubt that Congress will oversee the emptying of the trust fund. Given the meanness acted out in Congress and the reliance of the White House on people without experience and the daily addition of the unemployed, I seriously doubt that the trust fund will last until 2035. The Urban Institute reminds us that the shortfall observed annually will reach $100 billion.

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Derision has recently rained down on the Baby Boomers. However, when they were at the pinnacle of their wage earning, payments made through the payroll tax kept Social Security stable. According to the Urban Institute, as the boomers leave the workforce and become recipients, the shortfall will continue to grow.

Due to federal law, payments cannot be made if the required payout exceeds the amount in the trust fund. Analysts reckon that by 2035, only 83% of potential recipients could be paid. As the trust fund has never been depleted, scholars have no information to fall back upon.

“Our estimates show that if Congress fails to increase Social Security revenues, median annual benefits would fall $5,900 (measured in 2022 inflation-adjusted dollars) in 2045, relative to benefits scheduled under current law.”

What does the Urban Institute foresee? The impact will be on those with smaller incomes. This means recipients living in poverty will increase. One reason is the life expectancy increases. According to a Social Security fact sheet, 2023 revealed that about 61 million Americans were over age 65. Their numbers by 2035 will be 77 million.

Ana Kasparian of The Young Turks describes Social Security as “the only form of retirement not connected to risk.” By risk, she means not reliant upon Wall Street. Let’s hope good sense pervades Washington soon.

Susan Wozniak has been a caseworker, a college professor and journalist. She is a mother and grandmother.