Trump's 6 Words Have Social Security Beneficiaries Terrified
As you may have heard, Social Security, the nation's most storied social program, is in a bit of a bind. Despite the fact that Social Security can't go bankrupt (which is a testament to how the program generates income), the 2019 report from the Social Security Board of Trustees estimates that the program is facing a $13.9 trillion cash shortfall between 2035 and 2093. If nothing is done to correct this widening funding gap, then-current retirees and future generations of retired workers can expect a reduction to their payouts of up to 23%.
The Trustees report, which is published annually, has been warning Congress since 1985 that long-term (75-year) revenue generation would be insufficient to cover costs, yet lawmakers haven't made any significant strides to overhaul the program. But according to recent commentary from President Trump, this could change if he's elected to a second term in the Oval Office.
Image source: Official White House Photo by Shealah Craighead.
Source Fool.com