In fact there are no "major" cuts planned unless you count a slight reduction in cost-of-living adjustments (COLAs) phased in over decades and hitting mostly affluent families. Meanwhile the actual and factual major cut in Social Security (see figure 2 on the SSA's review of Johnson's proposal) are just something we have to live with. Here's Marshall at peak insouciance:
The big picture is that the current Social Security Trust Fund is predicted to be exhausted in the mid-late 2030s. So roughly in 20 years. People often refer to this as 'bankruptcy'. But that's not really accurate. At that point Social Security would only be able to pay 79% of benefits recipients will be entitled to in those years.Gosh, why's everybody throwing around these inaccurate terms like "bankruptcy?" So remember this important semantic lesson: when current law cuts your benefits by 21-25% that's a "fairly stable drop-off." But when benefits are slowly reduced over decades, that's a "major cut."