Joe Biden's Top Economic Advisor Has a Harsh but Realistic Solution to Social Security's Growing Cash Shortfall
For most retired Americans, Social Security income is something they couldn't live without. Over two decades of annual surveys from national pollster Gallup have shown that 80% to 90% of then-current retirees rely on their monthly benefit, in some capacity, to cover their expenses. Furthermore, 76% to 88% of non-retirees expect to lean on their payout to offset at least some portion of their retirement costs.
Ensuring the health of America's top retirement program should be at or near the top of the list for lawmakers on Capitol Hill. Yet reports show that Social Security's financial health is worsening.
Current and future retired-worker beneficiaries are looking to elected officials to address Social Security's shortcomings -- and that begins in the White House with President Joe Biden and his top economic advisor, former Federal Reserve Chairperson Janet Yellen.
Source Fool.com
