Quick Read – Social Security and Medicare are funded by payroll taxes (FICA), and the trust fund is projected to run dry by 2032. – A professor has now warned that a new threat looms.
AI could significantly reduce the workforce and thus the tax revenue needed to fund benefits for current and future retirees. – If AI displaces millions of workers—particularly high-paid professionals in law, finance, and accounting—payroll tax collections could fall sharply, potentially forcing benefit reductions or requiring lawmakers to implement solutions. – The analyst who called NVIDIA in 2010 just named his top 10 AI stocks
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There are a lot of warnings about the future of Social Security. Both the Social Security trustees and the Congressional Budget Office have sounded the alarm about the program’s trust fund running dry. An aging population and low birth rates are also frequent topics of discussion, as the number of workers is declining and the number of older people relying on benefits is increasing.