The report demonstrates how the slower economic growth and higher inflation of the Biden years have undermined Social Security’s foundation and accelerated its insolvency. If ever a document illustrated the failures of the Biden administration’s economic policies, and how those failures will harm seniors, this report does it.

The annual report, compiled by the Social Security actuary and approved by the program’s trustees — all of them appointed by Biden — projected that insolvency for the retirement trust fund would occur in 2033, one year earlier than estimated in last year’s report. The biggest cause for that change? A lowering of estimates for future GDP and productivity growth “by about three percent by 2026 and for all years thereafter.”

The trustees’ move came “in response to recent economic developments, including higher-than-expected inflation rates and lower-than-expected output growth.” In other words, members of Biden’s own administration admitted that the economy has permanently shifted into a lower gear on his watch.

[Yeah, and it’s not just Social Security either. Check your own retirement portfolios separate from the entitlement programs, and you’ll see how inflation and growth limits have impacted your long-term financial health. — Ed]