Social Security's insolvency date is now a year earlier. Here's how it could impact your benefits.
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Social Security, Medicare Face Earlier Insolvency Dates
Above: A Social Security Administration office located in suburban Detroit. Image copyright: Jim West/UCG/Universal Images Group via Getty Images
The Spin
Left narrative
This crisis demands immediate action to prevent devastating benefit cuts for millions of retirees who paid into the system their entire working lives. Congress must raise revenue by lifting the income cap on payroll taxes, making wealthy Americans pay their fair share of earnings. These programs represent a sacred promise to American workers and seniors.
Right narrative
Social Security's financial problems stem from decades of political giveaways and poor fiscal management, with recent benefit expansions accelerating the trust fund's insolvency by six months. The focus should be on eliminating waste, fraud, and abuse rather than raising taxes. Real reform requires addressing structural imbalances, not populist handouts.