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The Accounting Podcast

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The Impact of Changing Demographics on the Economy and Social Security

The chapter explores the challenges posed by changing demographics, specifically the retirement of baby boomers, on the US economy and Social Security, discussing potential fiscal strains and trust fund depletion by 2034. It delves into the financial implications of government debt, sustainability of Social Security benefits, and the likelihood of future tax increases to support retirement benefits. The speakers express concerns about the financial viability of Social Security, predicting inevitable tax hikes and implications for the aging population.

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