Well, even if Social Security has a big problem that’s worth $20 trillion, it seems that President Biden thinks he has the solution.
For most of us, Social Security isn’t just a regular check we’re expecting to receive after retiring. Social Security is supposed to offer a source of income to all retirees, which is considered by the government as extremely necessary to make ends meet.
Since 2002, 90% of annually surveyed retirees need this monthly payout just to cover their expenses. Even if Social Security is by far the most successful program in the United States, providing retired workers with benefits for 82 years seems to be on shaky ground.
But the whole purpose is to ensure the sustainability of Social Security payouts, and that’s where President Biden wants to step in.