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Andrew G. Biggs, Senior Fellow at the American Enterprise Institute and a leading voice on Social Security and retirement policy, examines a critical question facing lawmakers: could fixing Social Security with tax hikes actually backfire? Drawing on a new study from the Penn Wharton Budget Model, Biggs explains why the program's looming 2032 trust fund shortfall — and the automatic benefit cuts that would follow — demands urgent action, and why the model suggests that reforms centered on benefit adjustments may drive stronger long-term economic growth than tax increases, which can discourage work and saving.
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