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Weighing the Impact of Social Security Insolvency - USAToday.com
Most folks realize that the rapidly approaching point of Social Security trust fund depletion would invoke a catastrophe for America’s seniors, plunging millions of them below federal poverty levels. The impact would blanket the entire beneficiary landscape, affecting some 70 million retirees, their dependents and survivors, and those receiving disability payments. But, as explained in a USAToday.com post by Money and Personal Finance reporter Medora Lee, the effects of this catastrophe go even further than those immediately impacted. As Ms. Lee explains in her post, removing roughly $345 billion from the consuming public would have a material effect on gross domestic product (GDP), and a direct impact on state economies across the board. Yes, a catastrophe in many respects. Check out Ms. Lee’s post here…