Opinion | How to save Social Security — and make it better

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President Biden and likely Republican nominee Donald Trump agree on not cutting Social Security. The Social Security Trust Fund is projected to be insolvent by 2033, resulting in across-the-board benefit cuts. A Gallup poll shows that many Americans expect to receive no Social Security benefits when they retire. Social Security has significantly reduced elderly poverty rates. Social Security benefits are progressive, with lower earners receiving a higher replacement rate. Any benefit cuts would disproportionately affect low- and middle-income workers and non-White households. One way to fix Social Security is by raising more tax revenue from top earners. Tying tax hikes for the wealthy and large corporations to Social Security could help make them more palatable. Not extending Trump's tax cuts could save nearly $3 trillion over the next decade and help keep Social Security solvent. With modest adjustments, Social Security can be saved and improved.

https://www.washingtonpost.com/opinions/2024/02/12/social-security-insolvent-2033-how-to-save/