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Republicans sound alarm on Social Security insolvency: Taxpayers 'clearly have to worry about' retirement
Could Social Security face insolvency by 2035?
Missouri Rep. Jason Smith reacts to Biden aides reportedly discovering a second batch of mishandled classified documents and Social Security possibly facing insolvency on ‘The Evening Edit.’
After a heated exchange between MSNBC host Joy Reid and Rep. Byron Donalds, R-Fla., over Social Security insolvency, Congressman Jason Smith, R-Mo., ripped Reid’s commentary and echoed his colleague’s concerns on "The Evening Edit" Wednesday.
"Just because someone says it's not true doesn't mean it's not true," Smith told host Liz MacDonald. "We clearly have to worry about Social Security and Medicare. Without a doubt, even the Congressional Budget Office will say that these are programs that will become insolvent if we're not careful."
On "The Reidout" Tuesday, Donalds asked Reid if she knew about predictions from the Social Security Administration and Congressional Research Service that Social Security "is going to be insolvent in 2035."
"That is not true. That is actually not true," Reid said and repeated nearly 10 times, talking over Donalds.
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The Social Security Administration recently confirmed congressional predictions that funds are expected to deplete by 2035 with just enough tax money to pay 75% of scheduled benefits. Insolvency means our taxes will go up, paying to restore solvency.