The Looming Crisis for Social Security: Benefit Cuts and Proposed Solutions
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Nikki Haley, a Republican presidential hopeful for 2024, has gained support by addressing the hard fiscal truths about social program spending and the national debt. She has proposed raising the Social Security retirement age, pegging cost-of-living adjustments to a lower inflation measure, and limiting entitlement benefits for higher-income retirees . However, the feasibility of these proposals has been questioned. An article by MarketWatch highlights that raising the retirement age and reining in benefits for higher earners would not have an immediate impact on the Social Security budget and would only fill in a small portion of the funding gap . While these ideas may be reasonable, they are not sufficient to solve the problem. Despite this, Haley's campaign has gained traction, with pol...
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