Social Security CUT by %24 in 2032 If Left Unchanged Under Current Law

There have been Multiple Attempts to meet with Biden to make plans to deal with social securityShow more

Senate Finance Committee hearing, Sen. Bill Cassidy (R-LA) questioned Treasury Sec. Janet Yellen about Social Security

THE 2022 ANNUAL REPORT OF THE BOARD OF TRUSTEES OF THE FEDERAL OLD-AGE AND SURVIVORS INSURANCE AND FEDERAL DISABILITY INSURANCE
TRUST FUNDS

https://www.ssa.gov/OACT/TR/2022/tr2022.pdf

Janet Yellen Admits 24% Cut in Social Security Benefits When Program Goes Broke in 9 Years

https://www.c-span.org/video/?c5062255/user-clip-janet-yellen-admits-24-cut-social-security-benefits-program-broke-9-years

https://www.aarp.org/retirement/social-security/questions-answers/how-much-longer-will-social-security-be-around.html

How much longer will Social Security be around?

According to the 2022 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement,
disability and other Social Security benefits will be depleted by 2035.
That's one year later than the trustees projected in their 2021 report.

https://www.aarp.org/retirement/social-security/questions-answers/how-much-longer-will-social-security-be-around.html

Janet Yellen’s Policy Would Destroy Small US Banks While Bailing Out Chinese Depositors, Experts Say

https://dailycaller.com/2023/03/17/janet-yellens-policy-would-destroy-small-us-banks-while-bailing-out-chinese-depositors-experts-say/

What Social Security Could Look Like in 2035

https://www.gobankingrates.com/retirement/social-security/what-will-social-security-be-in-2035/

Senator Cassidy Blasts Yellen Over Claim Biden Ready To Work With Congress On Social Security: ‘That’s A Lie’

Senator Bill Cassidy (R-La.) confronted U.S.
Treasury Secretary Janet Yellen during a Senate Finance Committee hearing on Thursday,
going so far as to say Yellen was lying about President Joe Biden’s willingness to work with Congress on the impending collapse of Social Security.

Noting that Biden is against any cuts to Social Security,
Cassidy asked Yellen,
“Is the president aware that when Social goes broke in nine years,
under current law,
there’s a 24 percent cut in benefits for people who are currently receiving it?”

“If we don’t do anything about it, I think that’s about right,” Yellen replied.

“In the 4.5 trillion dollars of taxes the president has proposed,” Cassidy continued, “are any of those taxes going to shore up Social Security?”

ussanews.com
Before Yellen could respond, Cassidy said, “I actually know that answer. The answer is, of the 4.5 trillion in taxes he has proposed, not a dime is going to shore up Social Security.”

“Does the president know personally anybody who is dependent upon Social Security and,
if their benefits are cut by 24 percent, they will slide into poverty?”
he asked, acknowledging that it would be hard for Yellen to know the answer to that question.

But answer, Yellen did.

“The president knows many people on Social Security,” she said.

“Then why doesn’t the president care?” the senator asked.

Yellen claimed, “He cares very deeply.”

“Then where is his plan?” Cassidy wanted to know.

ussanews.com
“He stands ready to work with–”

And that’s all the senator needed to hear.

He cut the Treasury Sec. off and accused her of either lying or having been lied to.

“That’s a lie, because when a bipartisan group of senators has repeatedly requested to meet with him about Social so that somebody who is a current beneficiary will not see her benefits cut by 24 percent,
we have not heard anything on our request,” Cassidy stated, “and we’ve made multiple requests to meet with the president.”

“Now, you can’t comment on that, I realize that,”
he continued,
“but that is a fact, and if you’ve been told to say he stands ready to meet, I will tell you, there’s absolutely no evidence because we have not gotten our meeting.”

original link found on Forbes Breaking News

https://www.youtube.com/watch?v=2qiGvVe3-Nw