A new report by the Congressional Budget Office has revealed that Social Security's funding shortfall is arriving faster than previously thought and there is no plan in place to fix it. The updated 10-year budget outlook predicts that the Old-Age and Survivors Insurance trust fund will be depleted in 2032, one year earlier than the prior CBO estimate and two years earlier than 2024. Once the trust fund is exhausted, Social Security can only pay out what it collects in real time from payroll taxes. This means benefit cuts are expected to be cut by approximately 7% in 2022, deepening to an average of 28% per year from 2033 to 2036. The only solution to this crisis is to increase the program's income and raise taxes. One widely discussed option is eliminating the payroll tax cap, which would cover over half of the shortfall without other changes.