Biden's Plan to Save Social Security Could Be a Huge Blow to Taxpayers
Social Security is facing a serious cash flow problem. In the coming years, it expects to fall short on revenue, due to an anticipated mass exodus of baby boomers from the labor force.
Social Security's primary revenue source is payroll taxes. But as baby boomers stop working and paying those taxes, the program is apt to see its revenue decline -- especially as boomers simultaneously start putting in claims for benefits.
Granted, as baby boomers exit the workforce, it should clear the way for more younger workers to become gainfully employed. But the number of workers who are expected to enter the labor force isn't large enough to compensate for all of those retiring boomers.
Source Fool.com
