Social Security Is Facing a Cash Shortage -- Here's How Biden Plans to Fix It
Social Security has a money problem, and it could potentially lead to benefit cuts if Washington doesn't step in soon.
The Social Security Administration (SSA) relies primarily on payroll taxes to fund benefits. However, it's currently paying out more in benefits than it's receiving in taxes, which has led to a deficit. If nothing changes, the SSA could be forced to cut benefits by around 20% by 2035.
There's a potential solution in the works, though. While no new laws have passed just yet, President Biden has a plan for how to solve one of Social Security's most pressing issues.
Source Fool.com
