A new department, DOGE, led by Elon Musk and Vivek Ramaswamy, aims to streamline the federal bureaucracy. However, the department's potential avoidance of investigating the Social Security program raises concerns about the program's looming financial crisis.
the creation of a new Department of Government Efficiency (DOGE) and tasked it with identifying opportunities to streamline the federal bureaucracy. Led by Elon Musk and Vivek Ramaswamy, of Social Security in 2033.
If DOGE avoids investigating the Social Security program, the issue will be left to Congress, where lawmakers who have long ignored the growing fiscal shortfalls need to start grappling with theThe fundamental challenge facing Social Security is that the program now collects less tax revenue each year than it pays out in benefits, and the size of the deficit is in fiscal year 2023 was $113 billion, excluding interest earnings. At the end of President-elect Trump’s term in office, the gap is projected to reach $318 billion and grow beyond $500 billion by 2033. For context, Social Security payroll taxes, which are paid equally by employers and employees, totaled just over in 2023. A shortfall of $500 billion would represent almost all of what employees contributed to the system in 2023. A shortfall of $500 billion would represent almost all of what employees contributed to the system in 2023. balance in the Social Security trust fund. However, as rising deficits translate to larger annual withdrawals, the balance is set to reach zero in 2033, which would trigger a benefit reduction ofFrom a simple cash flow perspective, avoiding this outcome and restoring long-term sustainability requires policy changes that reduce benefit payments, raise revenue or both. Many different combinations of can bring Social Security back into fiscal balance, but campaign proposals from Trump and active legislation in Congress do the exact opposite of what’s necessary.to reduce the revenues flowing into Social Security by nearly $2 trillion over the next 10 years, leading to larger deficits and larger withdrawals that will deplete the trust fund even faster than currently projected.for millions of state and local public employees and their familie
ECONOMICS SOCIAL SECURITY GOVERNMENT EFFICIENCY ELON MUSK VIVEK RAMASWAMY FISCAL CRISIS
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