Biden Proposes $14.8 Billion for Social Security. But Will That Prevent Future Benefit Cuts?
For years, current and future beneficiaries alike have worried about Social Security's solvency issues. As of now, the program is facing a major funding shortfall that could result in substantial benefit cuts across the board.
Meanwhile, President Biden recently unveiled a proposed budget for 2023 that includes $14.8 billion for Social Security. That's roughly a 14% increase from funding levels allocated in 2021. But while that increase might help improve the program's services, it may not do much, or anything, to prevent benefit cuts down the line.
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Source Fool.com