Benefit Cuts of 23 Percent—and 4 Other Things to Know About the Government’s New Social Security Projections

A new Congressional Budget Office report projects a dire outlook for Social Security. Without action, huge benefit cuts for recipients begin in 2033—or massive tax increases for working Americans need to begin immediately. fizkes/Shutterstock

News Analysis

A new Congressional Budget Office report projects an even more dire outlook for Social Security’s future than was previously calculated. Without action to fix the situation, huge benefit cuts for recipients will begin in 2033. And preventing those cuts will require massive tax increases for working Americans beginning immediately.