{
American Enterprise Institute for Public Policy Research ASSOCIATION

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001122334455554433221100

potential social security benefit cuts loom as trust fund depletion approaches

Social Security benefits may face a 21% cut by 2033 if the trust fund isn't addressed, potentially doubling the elderly poverty rate and reducing median senior income by nearly 14%. While Congress is urged to act, executive measures could mitigate the impact by capping benefits for higher earners, ensuring no retiree falls into poverty. If the fund depletes, legal challenges may arise regarding promised benefits.
CNBC
American Enterprise Institute for Public Policy Research ASSOCIATION BakerHostetler Nationwide USA Shai Akabas Kristin Shapiro Andrew Biggs Show more
Finance & Economy, News Article
19:05 22.10.2024

trump plan could hasten social security insolvency by three years

A nonpartisan budget group warns that Donald Trump's campaign proposals could make Social Security insolvent in just six years, accelerating its depletion timeline and increasing its cash shortfall by trillions. While both Trump and Kamala Harris claim to protect the program, Trump's tax cuts and immigration policies may significantly impact its finances. The findings highlight the urgent need for detailed reform plans from both campaigns as the funding depletion dates approach.
CNBC
United States Dollar American Enterprise Institute for Public Policy Research ASSOCIATION USA Karoline Leavitt Andrew Biggs Kamala Harris Donald Trump Maria Freese Show more
Finance & Economy, News Article
20:40 21.10.2024
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