The results of the midterm elections will play a role in shaping the future of Social Security as the safety net program's projected insolvency looms in 2032 and would require entitlement reforms to prevent automatic benefit cuts.Social Security's main trust funds are on a path to depletion as increased enrollment due to the aging American population and growth in benefits paid outpaces incoming payroll tax revenue. Current law requires that once the trust funds are tapped out, benefits must be automatically cut to match incoming payroll tax receipts, which is estimated to amount to a 22% cut...
Why Social Security reform could test Trump, Democrats on bipartisan compromise before 2028
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Contributors
Wayne G Fraser
HALO Contributor
Insurance Broker
Insurance Industry
State
Georgia, North Carolina, South Carolina
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17934945