The Social Security trustees released their annual report Friday, noting significant deterioration in Social Security’s financial well-being. Here’s what Americans need to know.
Social Security will be broke within a decade. Politicians have no credible plan to fix it. And the longer they wait—choosingtheir colleagues instead of working with them—the higher the costs will be for all but the oldest Americans.
That’s the status quo that any politician who refuses to discuss Social Security reform supports, by default. A trustees’ summary presentation provided to Hill staff noted a worsening economic outlook contributing to Social Security’s deterioration: “Since the assumptions for last year’s report were set, the trustees have reassessed their expectations for the economy in light of recent developments, including updated data on inflation and output, and have revised down the levels of gross domestic product and labor productivity by about [3%] over the projection period.
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