Summary
An internal Social Security Administration memo from March 13 reveals plans to require internet identity verification for phone benefit claims, forcing those unable to use online systems to visit physical offices.
The memo, authored by acting Deputy Commissioner Doris Diaz, estimates 75,000-85,000 people would need in-person visits despite month-long wait times and office closures.
This change would severely impact the 40% of beneficiaries who rely on phone service.
Meanwhile, the agency is cutting 7,000 employees (12% of staff) and closing offices. The memo acknowledges these changes will cause “service disruption,” “operational strain,” and “budget shortfalls.”
The reason why Social Security is unsustainable is because population growth is slowing down. In a few decades from now, there will be more old people than young people.
Even with the current demographic situation, people are getting less than what they pay in.
The program is expected to begin running deficits every year starting in 2037.
Singapore’s CPF meanwhile is sustainable although Social Security is not unfixable.
Seems like you’re running in to the same problems the rest of the world has, only slower. You don’t even have to come up with a solution, just steal one.
Besides, the state retirement fund is only structured that way as a cash buffer, borrowing the retirement fund of a whole generation. You could just as well go back to how it was done in the 70ies with the retirement fund actually built from people’s taxes, and not from the next generation’s - boom, no more problems with uneven generation populations.