Op-Ed: Setting the record straight about what Biden's proposed social programs would do (via latimesopinion)
in net interest payments on the public debt in the 1990s, when the economy had an economic expansion that lasted longer than any previous one in U.S. history.how he can vote for “a bill that proposes massive expansion to social programs when vital programs like Social Security and Medicare face insolvency and benefits could start being reduced as soon as 2026 in Medicare and 2033 in Social Security?” But this is also a false alarm.
Social Security benefits right now are paid for by payroll taxes of workers currently employed. The program also has some savings — about $2.8 trillion currently — but this is not the basis of the checks that 69 million Americans are receiving. As people live longer and spend more years in retirement, more revenue has been needed — and Social Security did not go broke.is projected to increase from 5.1% to 5.9% of GDP.
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