New findings from the Social Security and Medicare Trustees report show the entitlement program faces insolvency as soon as 2033, a year earlier than previously projected.
is expected to run dry within a decade as a result of slower economic growth — and today's youngest retirees could be among the first in the nation to see benefit cuts.entitlement program faces insolvency
Unless major changes are made before 2034 to shore up the trust fund, more than 66 million Americans would see a benefit reduction between about 23% to 25%, the report showed. "The Social Security program is only 11 years from insolvency, with insolvency of the old-age program only a decade away," the group said. "Action must be taken soon to prevent an across-the-board benefit cut for many current and future beneficiaries."Payroll taxes and other funding sources for the government program are being impacted by the COVID-19 pandemic.
The future of the program has emerged as a contentious issue between Republicans and Democrats, after President Biden accused GOP lawmakers of wanting to slash funding for Medicare and Social Security during hisThe adjustments are based on data relating to inflation.insisting they do not want to cut funding for either of the entitlement programs.