A new analysis puts a dollar figure on the cuts Americans could potentially see to their Social Security benefits in 2033, when some analysts expect payroll taxes that flow into the program will no longer be enough to cover monthly payments to the nation’s retirees. Many Americans have heard about the potential for benefits to be cut a decade from now if no changes are made to the program. To put the impact in more real-world terms—and perhaps to prod policymakers to act sooner—a new analysis by the Committee for a Responsible Federal Budget, which calls itself a nonpartisan group “committed to educating the public on issues with significant fiscal policy impact,” calculated the potential hit to your annual benefits in dollars. The numbers aren’t pretty.
A slide in big tech and higher energy prices weighed on Wall Street sentiment ahead of inflation data that will help shape the outlook for the Federal Reserve’s next steps. The S&P 500 closed near session lows and the Nasdaq 100 dropped over 1%. Nvidia, which has more than tripled this year amid the artificial-intelligence frenzy, slipped almost 5%. Tesla, Apple and Amazon were all down. A 28% surge in European natural gas and an advance in oil to a nine-month high added to concern about further price pressures. Here’s your markets wrap.
