The Social Security trust fund will run out of money by 2033, a year earlier than previously projected, according to an annual government report that was published this week.
The ongoing coronavirus pandemic has had a devastating impact on the economy, contributing to a jump in retirements and causing a contraction in the size of the U.S. labor force.
Most Americans rely on the Social Security trust fund for their retirement, and any reduction of benefits would throw millions into poverty.
What are President Joe Biden and Congress doing to save the Social Security trust fund?