Big Changes Likely for Social Security, Medicare Under a Biden Presidency
When President-Elect Joe Biden takes office next year, sooner or later he and Congress will need to confront the third rail of politics -- the twin safety nets that Social Security and Medicare provide, both of which have been fraying for some time.
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Funding shortfalls or outright insolvency loom for the retirement programs as demand grows from an aging population. A deadly pandemic and struggling economy have only accelerated fiscal and demographic pressures.
In 2021, Social Security is expected to begin drawing down its trust fund to cover benefits instead of tapping only the interest. Unless Congress acts, – thanks to the pandemic, two years sooner
