![]() Former President Donald Trump has similarly promised not to touch Social Security. In the State of the Union address this year, President Joe Biden declared Social Security should be “off the books” for discussion. Sadly, the real world is far more dystopian. And both would demand we act soon to stave off this potential crisis. The two sides would agree on the need to target any changes on those who can afford them most and would be open to compromise for the greater good. Republicans would advocate for bringing cost growth under control. Democrats would be focused on how to get more revenue into the system. Politicians would be clamoring to avoid this cut in a more normal world. That’s a $17,400 cut for a typical 67-year-old couple retiring in 2033 and an even more devastating cut for current low-income retirees who count on the program. Without action, the law calls for an immediate 23 percent across-the-board benefit cut upon insolvency. Some politicians think we can ignore the problem or grow our way out of it - but that’s a recipe for disaster. In just 10 years, Social Security will be insolvent. US Congress and Capitol in Washington DC with cash and social security card to illustrate budget problems as a result of coronavirus
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