ANALYSIS: The Good and Bad in Biden’s 4-Point Plan to Save Social Security
Published on December 25, 2023
News Analysis As Americans reach the age of retirement, the majority of them will come to depend on the Social Security trust fund benefits they’ve been investing in from the first day the taxes were taken out of their first paycheck. However, the $22.4 trillion funding plunge predicted in the 2023 Trustees Report could result in benefit cuts of up to 23 percent for America’s retirees beginning in 2033. Unlike Medicare, Social Security Old Age and Survivors Insurance Trust (OASI) is not heading toward bankruptcy or insolvency. As long as there are Americans working there will be money flowing into the trust fund coffers to cover the benefits of current retirees. What is at stake are the benefits of future recipients....