Social Security benefits could soon be cut by 22% [View all]
The Social Security program is on track to become insolvent by the end of 2032, a shift that would trigger an automatic 22 percent reduction in monthly checks for beneficiaries, according to the latest trustees report.
The new projection moves the timeline up slightly from last year’s report, which estimated that the Old-Age and Survivors Insurance fund would run out in 2033, as reported by CBS News. The Social Security Administration attributed the revised timeline to the fiscal impact of the One Big Beautiful Bill Act on benefit taxation.
If Congress fails to intervene before the trust funds are depleted, the agency stated it would only have sufficient revenue to cover 78 percent of scheduled benefits.
The shortfall stems from long-term demographic shifts in the United States. An aging population has resulted in a rising number of beneficiaries drawing from the system, paired with a declining ratio of active workers contributing through payroll taxes.
https://www.msn.com/en-us/money/personalfinance/social-security-benefits-could-soon-be-cut-by-22/ar-AA25cSf4
But what about the poor billionaires?
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