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Social Security Fund Crisis Looms
Social Security’s trust fund could hit zero by late 2032—just six years away—with a 22% benefit cut looming if nothing changes. The crisis stems from shrinking worker-to-retiree ratios, lower birth rates, fewer immigrants, and a tax law that slashed revenue. The payroll tax cap, which only applies to the first $184,500 earned, is the core problem—covering just 83% of wages today, down from 90% in 1983. Fixing it means tough choices: raise taxes on top earners, eliminate the cap, or risk massive cuts. Lawmakers elected in 2026 will face the deadline—and the longer they delay, the worse the…
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