Treasury Secretary Janet Yellen has admitted that President Biden "doesn’t have a plan" — only "principles" — when it comes to preventing Social Security from going insolvent around a decade from now.
Treasury Secretary Janet Yellen has admitted that President Biden "doesn’t have a plan" — only "principles" — when it comes to preventing Social Security from going insolvent around a decade from now. Yellen made the remark on Thursday during a Senate Finance Committee hearing in Washington, D.C., on Biden’s fiscal year 2025 budget.
Government projections last year estimated that the Social Security retirement fund could run out of money as soon as 2033, and Biden has floated raising taxes on top earners to make up for the shortfall. "I'll note that there's already been $4.9 trillion in new taxes proposed for those making over $400,000 a year. It seems to be the go-to place, fill in the blank, we're going to tax those over $400,000 a year for whatever," Sen. Bill Cassidy, R-La., told Yellen. "Of that $4.9 trillion, none of that has been dedicated to Social Securit
Treasury Secretary Janet Yellen President Biden Social Security Insolvency Budget Taxes Shortfall
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