New Delhi, June 4 -- Incorporated on 10 June 1981, the Committee for a Responsible Federal Budget is a non-partisan, non-profit organisation which publishes on issues with significant fiscal policy impact.

The report noted that by law, the US social security program cannot pay out more in benefits than it receives in revenue, and all retirees are "projected to be subject to an immediate 24% benefit cut upon trust fund exhaustion".

"No state would be spared from the potentially devastating effects of insolvency. With less than seven years until Social Security is projected to be insolvent, policymakers need to enact changes to the program as quickly as possible to protect against these scenarios," the report added.

If Social Security be...