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Social Security Reform: A Call for Further Means-Testing
As the calendar turns to 2026, so does the urgency to focus seriously on Social Security’s long-term financial situation. Reflecting on the 1983 changes designed to ensure complete benefit continuity well past the middle of the 21st Century, most sources now put us a mere six years away from full depletion of Social Security’s financial reserves and an across-the-board benefit cut of 20 percent to 25 percent if corrective action is not taken.
We’re likely to see a steady stream of commentary on reform measures during the run-up to the 2026 midterm elections, with many pundits and think tanks offering suggestions to address Social Security’s problems. For example, commentary from former presidential candidate Mitt Romney earlier this month suggested further means-testing or perhaps needs-based approaches to the distribution of Social Security benefits, something that will likely be included in the mix of suggestions for congressional consideration. While this type of thinking may jar some, it’s nevertheless something that may need to be part of the solution to Social Security’s $25 trillion problem. A post by Kitsap Sun columnist Larry Little examines some of Romney’s thinking on this issue.