President Joe Biden’s nominee to take over the Social Security Administration was in front of senators on Thursday as they weigh whether to approve the confirma
FILE - The U.S. Social Security Administration office is seen in Mount Prospect, Ill., Oct. 12, 2022. President Joe Biden’s nominee to take over the Social Security Administration was in front of senators on Thursday as they weigh whether to approve the confirmation to lead the public safety net program relied on by millions of American retirees amid aFormer Maryland Gov.
An annual report of Social Security and Medicare’s finances released earlier this year said Social Security’s trust fund will become insolvent in about 10 years, which means that the government will only be able to pay about 80% of scheduled benefits. Despite the dire straits of the programs’ economic outlooks, the remedies available to lawmakers are politically toxic and considered the “third rail” of American politics, which has led to decades of inaction that has continued to today. Presidentialhave promised to “not touch” the programs amid fears of turning off senior voters or being subject to attack ads about interfering with Americans’ retirements.
"One aspect of the job is making sure that you get the best numbers that you can possibly get on the policy options before you in that solvency debate," he said.
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