Social Security Faces $22 Trillion Shortfall; Benefit Cuts Loom Without Fixes to Stabilize Program
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Social Security is facing a long-term funding shortfall of $22.4 trillion through 2097. Without changes, sweeping benefit cuts may be needed.
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Lawmakers did not "steal" from Social Security. All of the program's asset reserves are invested in special issue government bonds, as required by law.
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Ongoing demographic changes like declining fertility rates and increased life expectancies are straining Social Security's worker-to-beneficiary ratio.
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Other issues weakening Social Security include falling immigration, income inequality, and lawmakers' failure to address the program's challenges.
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Social Security has enough reserves to pay full benefits until 2033, but its long-term issues need addressing to avoid steep cuts down the road.