Social Security Faces Looming Financial Crisis | JQJO

Social Security, celebrating its 90th anniversary, faces a looming financial shortfall, projected to be unable to pay full benefits by 2034. This comes despite its popularity and vital role for millions of Americans. Recent legislation, including the Social Security Fairness Act and Trump's tax law, have impacted the timeline. Proposed solutions range from raising taxes on higher earners and increasing the retirement age to privatizing portions of the system, a concept met with public resistance. Concerns remain about the program's long-term solvency and access for future retirees.