The One Big Beautiful Bill and the Social Security Fairness Act are anticipated to hasten the insolvency of Social Security, especially considering the increasing population of seniors relying on the program. As older Americans face rising health care costs and seek to age in place, their financial challenges intensify. The Center for Economic and Policy Research argues that privatization efforts for Social Security are misguided, asserting that maintaining its efficiency is crucial. Additionally, the Social Security Administration is facing challenges in serving a growing number of beneficiaries, affecting public trust in the program, as indicated by survey results.
The fixes to assure the future viability of Social Security are fairly simple and the notion that this most efficient program can be privatized with a profit structure at a lower cost than what it currently costs the government to run is laughable.
Older Americans have relied upon Social Security while struggling with other wealth-building strategies and grappling with the rising costs of health care.
A CBS News report noted that the program is expected to add 12 million more recipients in the next 10 years.
A recent AARP survey found that only 36% of respondents have faith in the program, down from 43% five years ago.
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