Prospects of Job Cuts Cited as Additional Pressure on Social Security Solvency

In a press release issued today by House Ways and Means Committee Chairman Jason Smith (MO-08), the loss of 335,000 jobs expected to result from the additional employer tax burdens in President Biden’s budget, as well as the equally expected reduction in real wages across the workforce were, are cited as a contributor to Social Security’s already shaky financial future. In his list of key takeaways from President Biden’s Fiscal Year 2024, Rep. Smith noted, “Fewer jobs and lower wages will lower projected revenues into the trust fund. speeding up Social Security insolvency.”  Read the full press release here

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