Bloomberg Surveillance · Saturday, September 12, 2026
Catherine Ann Edwards argues that the impending depletion of the Social Security trust fund in 2032 should not be viewed as merely an accounting issue, but rather an opportunity to expand the program's scope. She believes Social Security, which has a history of being adapted and expanded, should be utilized to address modern problems like universal paid family medical leave and a robust unemployment system, especially with the rise of AI. Edwards highlighted that the program functions efficiently with low administrative costs and high public trust.
“Well, it's absolutely time to make a change to it because the trust fund will be depleted in the fourth quarter of 2032. What I argue is not to treat this upcoming trust fund depletion as an accounting exercise.”
“But that's missing the overall point of the program, to have a compact between citizens and their government, to provide economic security at some minimum level going forward.”
“Social Security could be the source of a universal paid family medical leave program so that every worker in the United States has dignity when for some reason life happens and they can't go to work for a few months.”