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The Social Security Trustees released their annual report on the program’s trust funds, showing that the largest component of the federal budget is on an unsustainable path. Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.
Below are the key takeaways from today’s report:
Social Security is the largest single line item in the budget and a key driver of the national debt; it is also an essential component of our economy and society. Regardless of what policies lawmakers choose, if reforms are not enacted soon, recipients could see a large decrease in their benefits. Because millions of people depend on Social Security, lawmakers need to ensure that benefit payments are adequate for individual financial security, but also sustainable to ensure the program’s solvency.
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