Social Security is already contributing to federal borrowing. Romina Boccia and Ivane Nachkebia argue that focusing solely on when the trust fund will be depleted overlooks the program’s unsustainable benefit design. At the 2026 PRC Symposium, they explained that structural reform should be evaluated not only by whether it restores solvency, but also by whether it will protect the system’s long-term sustainability.
Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7315578
