The latest Social Security Trustees Report contains a warning that neither political party should ignore. If Congress fails to act, Social Security's retirement trust fund is projected to become depleted within the next decade, triggering an automatic reduction in benefits of approximately 22 percent.
Predictably, the report has generated a familiar round of partisan finger-pointing. Some blame recent tax changes. Others blame decades of government overspending. Still others point to immigration policy or demographic shifts.
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