Social Security is the single largest program in the federal budget – 21 cents of every dollar spent. Nearly 74 million Americans receive benefits. For 27% of them, it is their only source of income. The program is also, on its current trajectory, running out of money.

Since 2021, costs have exceeded payroll tax revenues. The Social Security trust funds are being drawn to cover the gap. The program's own trustees project that it will be depleted by 2033 – at which point Social Security could pay only 77 cents of every promised dollar. That means any politician who does not have a plan to fix Social Security is, in effect, saying they are fine with millions of Americans getting a benefit cut.