Latest Senator Jeff Merkley News & Updates

Social Security Faces Financial Crisis, Benefits at Risk

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Washington, March 26 (IANS) Social Security, the backbone of retirement security for millions of Americans, is approaching a financial cliff, with lawmakers warning that benefits could be cut sharply within the decade if Congress fails to act.At a Senate Budget Committee hearing, lawmakers from both parties said the programme faces a worsening funding gap driven by demographic shifts, rising costs and insufficient revenue. Projections show the main trust fund could be exhausted as early as 2032,…