Social Security said Friday that its main trust fund will run out of money in 2033, leaving the program with no reserves and forcing an immediate 23% cut in benefits unless Congress acts to shore up the program before then.
After that point, Medicare beneficiaries would see an 11% cut.
President Biden has accused Republicans of secretly plotting cuts to Social Security. But the budget he delivered to Congress earlier in March did not include a fix for the looming shortfall. Social Security’s main trust fund, the Old-Age and Survivors Insurance fund, has been struggling for more than a decade as the aging of the population has left fewer workers paying in and more retirees claiming benefits.
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