Three Key Moments from Social Security Subcommittee Hearing on Trust Funds in 2024 and Beyond

WASHINGTON, D.C. – Social Security’s finances are on an unsustainable path, warned the Social Security chief actuary and director of the Congressional Budget Office at a recent Ways and Means Social Security Subcommittee hearing. When the Old-Age and Survivors Insurance (OASI) Trust Fund is totally exhausted as is expected to occur in 2033, seniors will face at least a 20 percent cut in benefits unless Congress steps in and takes action to protect retirees. Meanwhile, President Biden’s proposed budget for Fiscal Year 2025 would further weaken the program and put hard-earned benefits in jeopardy with a $17 billion cut in revenue to the OASI Trust Fund. Continue reading here…

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