DOGE and Congress Should Look Hard at Reforming Social Security
The Department of Government Efficiency (DOGE) is off to a decent start in making initial cuts in federal waste and overall cost and—importantly—normalizing the reality that reducing government expenditures is a good thing. But if the DOGE is to live up to its avowed mission of making the bloated federal government even slightly affordable, at some point it’s going to have to take on the big dogs of government excess. That requires congressional cooperation, and it means targeting Social Security.
Social Security Is Expensive and Foundering
“The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, unchanged from last year’s report,” the Social Security trustees revealed in the most recent annual report. “At that time, the fund’s reserves will become depleted and continuing program income will be sufficient to pay 79 percent of scheduled benefits.”
Disability insurance is in better shape. But rolling that “trust fund” (keep in mind that there’s no such thing—it’s just claims on future tax revenues) into OASI would buy just two more years of full benefits.
Well, then we’ll have to spend more to keep benefits up, right? In fact, two-thirds of Americans say they want the government to spend more on Social Security, according to A.P.–NORC pollsters. But here’s the thing: Social Security already constitutes more than one dollar out of every five spent by the federal government. Other entitlements—Medicare, in particular—raise entitlements’ share of the federal budget to half. In 2024, the federal government spent over $1.8 trillion dollars more than it collected in taxes, which is expected to rise to a $1.9 trillion deficit this year and to grow to $2.7 trillion in 2035, adding to an already $36 trillion national debt.
To spend more on Social Security, either taxes must be raised by a huge amount to eliminate that deficit and allow for more generous benefits, or other federal programs will have to be gutted.
But majorities of Americans already say taxes are too high. “Two-thirds of U.S. taxpayers say they spend ‘too much’ on federal income taxes,” A.P.–NORC found last January. “Ninety-three percent (93%) believe American families and
Article from Reason.com
The Reason Magazine website is a go-to destination for libertarians seeking cogent analysis, investigative reporting, and thought-provoking commentary. Championing the principles of individual freedom, limited government, and free markets, the site offers a diverse range of articles, videos, and podcasts that challenge conventional wisdom and advocate for libertarian solutions. Whether you’re interested in politics, culture, or technology, Reason provides a unique lens that prioritizes liberty and rational discourse. It’s an essential resource for those who value critical thinking and nuanced debate in the pursuit of a freer society.
