Posted 2/14/2024, 1:40:06 PM
Social Security Faces Funding Crunch; Biden and Haley Offer Contrasting Solutions While Trump Vows No Cuts
- Funding shortfall expected in Social Security Trust Fund within next decade, leaving program dependent only on payroll taxes
- Biden proposes raising revenue through higher payroll taxes, primarily impacting high earners
- Trump says he won't touch Social Security if re-elected
- Nikki Haley proposes raising full retirement age for younger Americans while not touching current recipients' benefits
- House Speaker Mike Johnson has history of proposing Social Security cuts, which could have more influence if Republicans control Congress and White House after 2024 election