The clock is ticking for lawmakers to address Social Security's financial shortfall before Americans begin to see their checks reduced.
March 31, 2023, 5:17 PMSocial Security's financial shortfallThe program is expected to run short of the funds needed to pay 100% of benefits in roughly a decade, according to anSocial Security's combined trust funds for retirees, survivors and Americans with disabilities are estimated to run out by 2034 -- a year earlier than last year's projection. Without congressional action, the program's income would only be able to cover 80% of scheduled benefits.
Medicare also faces serious financial headwinds but received slightly better projections in the newest report. Medicare's hospital insurance fund isto be solvent through 2031 -- three years longer than previously predicted. Past that date, the trust will only be able to pay 89% of total scheduled benefits.
President Joe Biden has sought to portray the GOP as a threat to Social Security and Medicare, pointing to various Republican proposals, even as House Speaker Kevin McCarthy and other leaders His budget, however, lacked a similar plan for Social Security. Experts told ABC News at the time that Biden’s options to significantly shore up Social Security’s finances are limited if he keeps his vow not to cut benefits or increase taxes for those making under $400,000 a year.During the 2020 campaign, Biden suggested increased the payroll tax to 12.4% for Americans making more than $400,000 per year, among other changes, to extend Social Security's solvency.
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