The Social Security doomsday clock is ticking, with experts warning that a prolonged deficit could lead to major cuts in the program. Fed Watch Advisors founder Ben Emons emphasized the urgency of the situation, noting that Social Security may run out of money to fulfill its obligations to retirees. With costs rising and baby boomers retiring, estimates suggest the program could become insolvent as early as 2035.
As the US population ages and the working population decreases, the strain on Social Security’s finances continues to grow. In order to keep the program solvent, the US government may need to make tough decisions such as cutting spending or raising taxes. Both President Biden and former President Trump have proposed measures to extend the program’s solvency, but cutting benefits is a stance they both reject.
The upcoming presidential election will bring the issue of Social Security to the forefront, as the winning party will face difficult decisions to secure the program’s future. With high stakes and political implications, the fate of Social Security remains uncertain as the clock ticks closer to potential insolvency. The choices made in the coming years will have lasting impacts on the millions of Americans who rely on Social Security benefits.
