Steps taken to reform Social Security during the Biden and Trump administrations have only made the prospects for a funding crisis more serious.
- Professor of Economics and Director of the Private Enterprise Research Center, Texas A&M University
If Congress and the White House fail to take action, Social Security beneficiaries would see a sudden 23% cut in their monthly checks in 2034.
The program’s expenses are rising rapidly as baby boomers retire and health care costs grow.
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- Location: College Station, Texas, U.S.
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