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Questioning the “Inevitability” of Benefit Cuts
As Social Security steadily spirals toward a 2032 insolvency, repeated media accounts warn of an across-the-board benefit cut of more than 20%…some say as high as 28%. Without question, that is a concern for many seniors and Social Security beneficiaries, especially those dependent on monthly payments for their daily sustenance. But while virtually all accounts recognize the seriousness of the problem, some express a glimmer of hope in the simple fact that benefits have never been cut in the program’s nine-decade history. Yahoo!Finance contributor Maurie Backman, in a post yesterday, explains the reason for this cautiously positive outlook.