Think Biden's Social Security Tax Hike Sounds Bad? Some Lawmakers Are Calling for Even More Extreme Measures
Social Security is in trouble. In the coming years, the program is expected to spend more on scheduled benefits than it collects in revenue. And we can thank baby boomers for that.
Over the next decade, baby boomers will be leaving the workforce in droves. To be clear, that's an option they're more than entitled to. But that mass exodus may deal Social Security a double whammy.
Social Security's main revenue source is payroll taxes. If that revenue source shrinks at a time when more seniors start filing benefit claims, the program is apt to rapidly use up its cash reserves, known as its trust funds.
Source Fool.com
