Social Security Cuts Loom Within a Few Years, Says Trustees Report

Now is it a crisis?

Disability beneficiaries face steep cuts in just three years under current law and today's new retirees are expected to outlive the Social Security Trust Fund by two years.

Yet the annual report from the Social Security and Medicare Trustees was taken in stride in D.C., as a full-fledged effort at entitlement reform remains far from the agenda.

When asked about how the administration would avoid scheduled disability benefit cuts of 20%, Treasury Secretary Jack Lew alluded to "the 1990s and policy choices made in time" to avert a similar set of cuts.