Funding the plan is politically infeasible.
Andrew Biggs 23, Senior Fellow at the American Enterprise Institute, 6/16/2023, "Is Social Security Reform Politically Possible? My Long-Read Q&A with Andrew Biggs," https://www.aei.org/pethokoukis/is-social-security-reform-politically-possible-my-long-read-qa-with-andrew-biggs/
I wouldn’t bet my life on it, but I think it’s around 200 billion. It’s a lot of money. People sometimes understate the size of the Social Security deficit. They’ll say, “Well, it’s a modest deficit. It’s a manageable problem.” When you’re the 800-pound gorilla of the federal government, even a seemingly small problem is a big one. Long-term, Social Security is underfunded by between 20 and 25 percent. When you’re the biggest federal program, that’s a problem. Think of a reform package. There’s roughly half tax increases, half benefit cuts. You could, say, raise the taxable maximum salary, which is currently $160,000, to $300,000. That’s a big tax increase for people in that income range. Raise the payroll tax rate by about a percentage point, from 12.5 to 13.5 percent. On the benefit side, raise the retirement age, cut cost of living adjustments, cut benefits for higher-income people: You had to do all of those things together and more to make the system solvent. The problem is, any one of those changes is politically infeasible. So we’re really in a box.