This is CBS, I on the World. I'm John Batchel. It is campaign season 2028, the presidential

candidate spending time between Iowa and New Hampshire, and the policy that they are projecting

for their potential administrations beginning January of

29. The question is asked repeatedly, what are you going to do about Social Security? What are

you going to do about the fact that we're running out of money? What are you going to do about the

drop-dead date will come in your term of office somewhere in 2033 or sooner. What are you going to do?

I welcome Veronique to Regia de Mercatus Center, writing most recently at Creators Indigate,

because that answer is not yet available. There are things that will happen almost automatically

about Social Security.

That's what we're spending time with here, a major entitlement from the 1930s.

Veronique, a very good evening to you.

What will happen automatically when the Social Security deadline drops?

What evening, John?

Social security benefits, if Congress has done nothing, will be cut by

over 20 percent across the board. And so that's what's going to happen if Congress doesn't

do anything, because the trust fund will dry out. And as such, the program will revert to a pay-as-you-go system, which means that we're only going to be

able to pay the benefits that are covered by payroll tax collected.

And now there are other alternatives because that's not a legitimate answer from a presidential

candidate. It will happen automatically to lose 20%. I don't

see that as a winner. What are the possibilities? What can a president and a Congress do in the

event that the trust fund is empty? It's really the role of Congress. And the worst thing that a president

could push Congress to do would be to keep the benefits as they are and decide to

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