The future of Social Security, the government program that touches the lives of more Americans than any other, will be determined by the results of the November elections. Let us explain. The Social Security program faces a funding shortfall. As ABC News reported back in June:

Social Security's trust fund that pays retiree and survivor benefits is expected to begin running low on money earlier than previously expected, leading to questions from Americans who rely on the benefits for their living expenses. Without congressional action, the fund is now expected to begin depleting by the fourth quarter of 2032, according to a report issued Tuesday by Social Security's trustees, the body that manages the trust fund.

This does not mean that, as some who for their own political purposes argue, Social Security is going “bankrupt.” Those who depend on Social Security (roughly 68 million Americans) do not have to worry about their checks stopping. Instead, they need to be concerned about a very significant cut to their benefits.

But know this: The reduction can be avoided with courageous political action. Congress and the president can make adjustments that will close the gap and pay out promised benefits. Back in 1983, Congress and President Ronald Reagan hammered out a solution to do just that.

Right now, there are a number of steps that Congress can take that will strengthen Social Security’s finances for today and for future generations. One of the most talked about solutions is raising the cap on the amount of income subject to the Social Security tax—otherwise called “busting the cap.” The Economic Policy Institute points out that:

Earnings above a cap aren’t subject to the payroll taxes that fund Social Security. As a result, billionaires pay the same tax as someone earning $176,100 in 2025 (the cap is indexed to the average wage, so it changes every year). “Scrapping the cap” is a popular and effective way to address Social Security’s funding gap. Nearly three-fourths of Social Security’s projected long-term shortfall would be eliminated if the cap were scrapped without increasing benefits.

Believe it or not there is a bipartisan proposal out there from Massachusetts Democratic Sen. Elizabeth Warren and Republican Sen. Bernie Moreno of Ohio. Sens. Warren and Moreno argue that “instead of cutting benefits for the retirees who count on Social Security, we need to take bipartisan action to protect those benefits, reward work, and restore fairness. That starts with a common-sense solution: lifting the Social Security payroll tax cap.”

Other bipartisan members of Congress argue that........

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