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Social Security Insolvency Alarm Bells – Peterson Foundation Weighs In

With increasing frequency, the significance of Social Security’s steady slide toward insolvency is showing up in the news. A blog post by the Peter G. Peterson Foundation (click here to read in full) is a recent example of a respected voice in economic circles calling attention to the slow-moving train wreck, expressing it as one of the “critical fiscal and economic decisions” lawmakers will face in the coming years.

The Peterson post slots Social Security issues alongside a series of substantial issues facing Congress, from the ongoing debt ceiling matter to the expiration of major Tax Cuts and Jobs Act (TCJA) provisions. In addition to summarizing the insolvency issue–both Social Security’s and Medicare’s–the post closes with “policymakers must put the nation on a sustainable fiscal trajectory,” citing the November election as a “fiscal election.” Given the fundamental magnitude of Social Security’s issues, specifically the potential of a substantial benefit reduction for retirees and their families, it is becoming increasingly clear that the 119th Congress will need to step to the plate.

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