The non-partisan Congressional Budget Office found that Social Security's main trust funds could be exhausted by 2033, which could result in reduced payments to beneficiaries.
Missouri Rep. Jason Smith reacts to Biden aides reportedly discovering a second batch of mishandled classified documents and Social Security possibly facing insolvency on"The Evening Edit."updated its long-term projections on the solvency of Social Security last month, finding that the program's major trust funds could be tapped out in 2033.
A Social Security card sits alongside checks from the U.S. Treasury on Oct. 14, 2021, in Washington, D.C.has been on an upward trend as the proportion of Americans at or above retirement age has increased relative to the active workforce. That has strained the program's trust funds as their balances get tapped to augment payroll tax revenue used to pay out full benefits to retirees.
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