Social Security faces insolvency in 2033, a year sooner than previously expected
Social Security, Medicare face long-term shortfalls that could lead to smaller payments
Rep. Ro Khanna details his proposal to make social security solvent
Rep. Ro Khanna, R-Calif., discusses the Los Angeles school strike, fallout from Silicon Valley Bank and his proposal to make social security solvent.
The Social Security retirement fund could run out of money as soon as 2033, a year earlier than previously projected, according to a new government report released Friday.
"Social Security and Medicare are two bedrock programs that older American rely upon for their retirement security," Treasury Secretary Janet Yellen said in a statement. "The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs so that retirees can receive the hard-earned benefits they’re owed."
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