Will a Biden Win Save Social Security?
It's been an incredibly challenging year not just for the U.S. economy, but for Social Security. The program, which was facing a serious financial shortfall before the coronavirus pandemic began, has lost millions of dollars in payroll tax revenue due to unprecedented levels of unemployment.
Back in April, the Social Security Trustees projected that benefit cuts may be on the table as early as 2035 if lawmakers don't come up with a way to pump more money into the program, and now, that dangerous milestone may happen sooner, especially if our current recession drags on. It's for this reason that so many seniors are now banking on Joe Biden to swoop in and rescue Social Security. Thankfully, the president-elect has a plan that could help prevent benefit cuts and strengthen Social Security for future generations.
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Source Fool.com
