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America's Social Security Timebomb

Posted on AllSides April 9th, 2024
From The Center
Photo-illustration by Newsweek/Getty

The Social Security Administration (SSA) is facing a grave insolvency threat as more Americans begin claiming their government-funded retirement benefits, and millions of beneficiaries could face monumental cuts if action is not taken.

Social Security forms the bedrock on which millions of Americans fund their retirement plans.

In 2022, the SSA paid out retirement, survivor and disability benefits to 70.6 million beneficiaries in the U.S. Funded by a combination of taxes and government reserve funds, Social Security is by far the largest direct expense of the U.S. government's annual budget,...

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