Social Security will lack sufficient income to fully pay benefits during the next presidency, according to former Treasury Secretary Jack Lew. The program’s trust fund could be exhausted in the fourth quarter of 2032, when only 78% of benefits would be payable, or in the third quarter of 2034 when combined with the disability fund, with 83% of benefits guaranteed. The program provides monthly benefits to more than 75 million Americans. Facing this situation, Lew advises presidential and Senate candidates to keep their options open on the issue. Combined spending for Social Security, Medicare and Medicaid increased by 7%, or $198 billion, during the first 11 months of fiscal year 2026.
Source: Read the original article
