Social Security Funds May Deplete by 2034 Without Congressional Action
TL;DR Summary
Social Security faces a significant funding shortfall that could lead to a 23% reduction in benefits within eight years if Congress does not take action to bolster the program, which is projected to run out of funds by 2033. The shortfall is driven by demographic shifts, lower birthrates, and policy changes, with policymakers urged to implement phased reforms to ensure long-term sustainability.
Topics:top-news#benefit-cuts#funding-shortfall#policy-proposals#social-security#trust-fund-depletion#world
- Social Security Benefits Could Be Cut in 8 Years Unless Congress Acts The New York Times
- Social Security fund could run dry ahead of earlier forecast, trustees say The Washington Post
- Social Security retirement trust fund may be depleted in less than a decade, new trustees' report finds CNBC
- US Social Security, Medicare to run short of funds in 2033, trustees say Reuters
- Social Security won’t be able to pay full benefits in 2034 if Congress doesn’t act CNN
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