U.S. inequality worsens Social Security crisis

Social Security faces a funding shortfall due to increasing income inequality, which results in high earners’ incomes surpassing the program's tax cap, reducing revenue. The trust fund is projected to become insolvent by 2032, risking a 22% reduction in benefits for millions of beneficiaries. Experts suggest removing or adjusting the $184,500 income cap to help strengthen the program's finances.

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