I guess both Biden and Trump have the luxury of ignoring the issue since they will be gone from office before the hit takes place.
Since many of you here are "senior citizen" types, are you comfortable with those cuts in benefits? If nothing is done, you will most likely be responsible for making up the difference or doing without. Is your retirement portfolio up to the task? I don't think too many of your average American citizens are.
Neither presidential candidate is willing to back the reforms necessary to close the gap between revenue and benefits.
Excerpt:
Contrary to what Trump and Biden imply, it is impossible to "protect" Social Security and Medicare by doing nothing. Inaction will guarantee automatic benefit cuts in less than a decade.
In 2033, according to the latest projections, Social Security's trust fund "will become depleted," and "continuing program income will be sufficient to pay 77 percent of scheduled benefits." Two years before then, Medicare's hospital insurance trust fund "will be sufficient to pay 89 percent of total scheduled benefits."
More here: https://reason.com/2024/03/27/biden-and-trump-try-to-wish-away-the-looming-entitlement-crisis/
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