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
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Treasury Secretary Yellen says interest rates unlikely to return to pre-COVID levelsUS Treasury Secretary Janet Yellen stated that it is unlikely for interest rates in the US to go back to pre-COVID-19 levels. She also mentioned the steps taken to support the domestic electric vehicle industry and the challenges faced in containing Chinese battery content in US-produced EVs.
Read more »
Treasury Secretary Janet Yellen Reacts to Rising InflationTreasury Secretary Janet Yellen discusses the February CPI and rising inflation, stating that the trend is favorable despite monthly fluctuations. President Biden's priority is addressing high costs.
Read more »
US Treasury Secretary Janet Yellen walks back transitory inflation claims: 'I regret saying it'After predicting in 2021 that inflation would be 'transitory,' U.S. Treasury Secretary Janet Yellen admitted her 'regret' as 'it's lasted longer than' a few weeks or months.
Read more »
Treasury chief Yellen defends Biden budget against Republican senators' fears of tax increasesPresident Joe Biden is committed to not raising taxes on Americans earning less than $400,000, Treasury Secretary Janet Yellen told senators at a hearing.
Read more »
Treasury chief Yellen defends Biden budget against Republican senators' fears of tax increasesPresident Joe Biden is committed to not raising taxes on Americans earning less than $400,000, Treasury Secretary Janet Yellen told senators at a hearing.
Read more »