In its budget last month, the White House claimed that “the Administration is committed to protecting and strengthening Social Security.” But the recently released annual report from that program’s trustees portrays a different story.
The report demonstrates how the slower economic growth and higher inflation of the Biden years have undermined Social Security’s foundation and accelerated its insolvency. If ever a document illustrated the failures of the Biden administration’s economic policies, and how those failures will harm seniors, this report does it. Slower Growth in Perpetuity
The annual report, compiled by the Social Security actuary and approved by the program’s trustees — all of them appointed by Biden — projected that insolvency for the retirement trust fund would occur in 2033, one year earlier than estimated in last year’s report. The biggest cause for that change? A lowering of estimates for future GDP […]
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