Fed Chair Succession Looms as $1.1T Tax Bill Threatens Social Security Solvency by 2032
Jerome Powell's Federal Reserve term ends May 2026 amid fears the administration could gain board control and erode independence. The One Big Beautiful Bill Act cuts $1.1 trillion in spending while reducing taxes, pushing Social Security insolvency to 2032 and Medicare to 2035. Only 24% of Social Security recipients benefit from new tax provisions, while 11.8 million Americans could lose Medicaid coverage by 2034.
ViaNews Editorial Team (Markets)•