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Biden's Plan to Save Social Security Could Be a Huge Blow to Taxpayers

Biden's Plan to Save Social Security Could Be a Huge Blow to Taxpayers

In the coming years, it expects to fall short on revenue, due to an anticipated mass exodus of baby boomers from the labor force. Granted, as baby boomers exit the workforce, it should clear the way for more younger workers to become gainfully employed. As such, Social Security needs to dip into its cash reserves, known as its trust funds, to keep up with scheduled benefits as its main revenue source shrinks.