Social Security is headed for a day of reckoning, and Congress is running out of time to save boomers. Lawmakers are proposing some hard choices

Congress has long dodged any Social Security reforms that would cut benefits, hike taxes, or do both. But those days of procrastination are coming to an end, and some lawmakers are facing up to that reality.

The clock is ticking and getting louder. New projections this month showed that the Social Security trust fund will run out of money sooner than previously thought, meaning benefits would face a 22% cut by 2032 unless adjustments are enacted.

For years, revenue from payroll taxes has been insufficient to fund current benefits, and the trust fund covered the gap. But once it runs out, Social Security will only be able to distribute what comes in.

With the insolvency cliff just six years away, senators elected in this year’s midterm races will likely cast votes on a solution. Already, some proposals have emerged.

Raising more revenue

Sens. Bernie Moreno, R-Ohio, and Elizabeth Warren, D-Mass., recently touted their plan to raise more revenue via payroll taxes in a New York Times op-ed.

Right now, annual pay up to $184,500 is subject ...