The Social Security program is on track to burn through its savings account by 2035 unless Congress changes the law before then. Social Security faced a similar funding crisis in the early 1980s.
Social Security has been known as “the third rail of American politics” since the early 1980s, with the idea that touching the program can prove deadly to a politician’s career.
While the passage of legislation in Congress has largely been stalled by political drama, impacts from the CHIPS Act and infrastructure law are starting to be felt.