Former Treasury Secretary Jack Lew calls for urgent bipartisan reform to address Social Security's projected 2032 funding exhaustion, warning that delays will only increase the difficulty of finding viable solutions.
Former Treasury Secretary Jack Lew warns that Social Security faces a critical funding shortfall, with trust funds projected to deplete by late 2032. Lew advocates for a bipartisan legislative approach similar to the 1983 reforms to ensure long-term solvency before the program's exhaustion date.
According to the 2026 Social Security trustees report, the retirement trust fund is expected to run out in the fourth quarter of 2032, at which point only 78% of scheduled benefits would be payable.