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Social Security's Fiscal Crisis | Spokane News
The U.S. deficit is soaring past $1.4 trillion and headed toward $2 trillion by September, with dire consequences for Social Security. The retirement fund, already drawing from its dwindling trust fund since 2021, faces a critical depletion before the 2032 elections—triggering automatic 22% benefit cuts unless action is taken. Past fixes only delayed the crisis, and with an aging population, the financial gap widens. Experts suggest restoring fairness by taxing higher earners more—removing the payroll tax cap—to ensure retirees get back what they paid in. But Social Security, once a safety…
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