Edelman: Endless federal red ink may doom Social Security recipients via YahooFinance
The sky appears to be the limit for U.S. federal deficits, a reality that has some economy watchers nervous.
The new deficit figures are amplifying fears among some retirement security experts about an inevitable blow to critical entitlement programs. First and foremost: Social Security, which is already dancing on the knife’s edge of insolvency. “At that point, under current law, all beneficiaries — everybody getting Social Security checks — will get a check that’s 23% smaller. This could push millions of American retirees into bankruptcy,” he warned.
Long-term consequencesThe relentless pressure from President Donald Trump on the Federal Reserve to further lower interest rates is giving Edelman additional concerns about the country’s financial future.
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