Social Security’s trust fund is nearing insolvency, and the borrowing binge that may follow will rip through debt markets, economist warns

The latest estimates from the Congressional Budget Office show that the Social Security trust will run out of money by fiscal year 2032, which starts on October 2031.

That means anyone who wins a Senate seat in this year’s midterm elections will be in office when it’s time to fix the entitlement program’s finances. But it will be tempting for lawmakers to avoid making tough political choices like cutting payments or hiking taxes.

Instead, they could decide to finance Social Security’s shortfall with more debt...