Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic

[shockedcanadian]

Canada has a similar problem but a longer horizon. This is why people like me despise crony capitalism. It's often just theft. Help out small to medium sized innovative companies not massive multi-billion dollar companies.

What happens if this prediction comes to fruition?

Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic | CNN Politics

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

www.cnn.com

Washington (CNN)Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

That's one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.

The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.

But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year's report did not take into account the effects of the pandemic.

The projections for Medicare are roughly on par with last year's report.

The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, will be depleted by 2026, the same year as reported last year. At that point the program would only be able to pay out 91% of promised benefits.

 

[ThisIsMe]

..in before "trump tax cuts robbed social security of billions!"

 

[Turtlesoup]

Canada has a similar problem but a longer horizon. This is why people like me despise crony capitalism. It's often just theft. Help out small to medium sized innovative companies not massive multi-billion dollar companies.

What happens if this prediction comes to fruition?

Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic | CNN Politics

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

www.cnn.com

Washington (CNN)Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

That's one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.

The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.

But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year's report did not take into account the effects of the pandemic.

The projections for Medicare are roughly on par with last year's report.

The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, will be depleted by 2026, the same year as reported last year. At that point the program would only be able to pay out 91% of promised benefits.

Social Security is a SOCIALIST PROGRAM that was always meant to buy votes and rob taxpayers.

 

[shockedcanadian]

Social Security is a SOCIALIST PROGRAM that was always meant to buy votes and rob taxpayers.

Don't Americans pay taxes? Those taxes should be paying for their social security.

 

[AZrailwhale]

Social Security will never cut benefits. Shortfalls will just be funded from the general fund. That’s always been obvious since the early seventies.

 

[Missouri_Mike]

What? Are you serious here. You mean paying people that are worth 8 bucks an hour to stay home and get a 50k a year job on welfare aren’t producing the tax revenue to pay retired people 12k a year? What the fuck. That is just a shocker.

 

[LordBrownTrout]

I'd be very surprised if there were even a dollar currency in three years.

 

[Missouri_Mike]

Social Security will never cut benefits. Shortfalls will just be funded from the general fund. That’s always been obvious since the early seventies.

Once they passed SS and saw the money that was in it they shortly after made all of that income part of the general fund. There is no such thing as a SS lock box. It’s spent many times over.

 

[whitehall]

If you believe everything CNN predicts you must be a Canadian who relies on government sponsored media.

 

[BertramN]

Canada has a similar problem but a longer horizon. This is why people like me despise crony capitalism. It's often just theft. Help out small to medium sized innovative companies not massive multi-billion dollar companies.

What happens if this prediction comes to fruition?

Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic | CNN Politics

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

www.cnn.com

Washington (CNN)Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

That's one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.

The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.

But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year's report did not take into account the effects of the pandemic.

The projections for Medicare are roughly on par with last year's report.

The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, will be depleted by 2026, the same year as reported last year. At that point the program would only be able to pay out 91% of promised benefits.

The concerns for Social Security will end, shortly after the 2022 Mid-term Elections.

The only hope remaining is ending the filibuster and passing the John Lewis Voting Rights Advancement Act of 2021. But that hope is rapidly fading.



.

 

[MarathonMike]

SS will officially become "insolvent" by 2035. But if we've learned anything over the last 18 months, that doesn't mean shit. The Feds can make money just fall from the sky.

 

[HenryBHough]

I'd have to live to over 100 to give a shit.

You kiddies brought it on - suck it up.

 

[Turtlesoup]

Don't Americans pay taxes? Those taxes should be paying for their social security.

We pay a social security tax that isn't given to those that pay in necessarily....children of gang bangers killed get it, those claiming a bad back early on scam the system often, illegals get it...

If the money paid in was used only for those that paid in----there would be an excess. Time to kick the dead beats off.

 

[BlueGin]

What? Are you serious here. You mean paying people that are worth 8 bucks an hour to stay home and get a 50k a year job on welfare aren’t producing the tax revenue to pay retired people 12k a year? What the fuck. That is just a shocker.

And that’s even after all the democrat governors murdered seniors to steal their SS$

 

[Winco]

What......no mention of a 'ponzi scheme' yet?

If SS didn't exist, the elderly would be screwed EVEN more than how (R) have already screwed them.

 

[whitehall]

It beats talking about important issues.

 

[Muhammed]

Canada has a similar problem but a longer horizon. This is why people like me despise crony capitalism. It's often just theft. Help out small to medium sized innovative companies not massive multi-billion dollar companies.

What happens if this prediction comes to fruition?

Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic | CNN Politics

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

www.cnn.com

Washington (CNN)Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

That's one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.

The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.

But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year's report did not take into account the effects of the pandemic.

The projections for Medicare are roughly on par with last year's report.

The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, will be depleted by 2026, the same year as reported last year. At that point the program would only be able to pay out 91% of promised benefits.

^
FAKE NEWS ALERT!!!!!

 

[Dekster]

Social Security will never cut benefits. Shortfalls will just be funded from the general fund. That’s always been obvious since the early seventies.

Not unless they change the laws. Social Security is required to be self-funding.

 

[Moonglow]

Canada has a similar problem but a longer horizon. This is why people like me despise crony capitalism. It's often just theft. Help out small to medium sized innovative companies not massive multi-billion dollar companies.

What happens if this prediction comes to fruition?

Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic | CNN Politics

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

www.cnn.com

Washington (CNN)Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

That's one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.

The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.

But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year's report did not take into account the effects of the pandemic.

The projections for Medicare are roughly on par with last year's report.

The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, will be depleted by 2026, the same year as reported last year. At that point the program would only be able to pay out 91% of promised benefits.

I suggest taking it a year earlier.

 

[MinTrut]

Social Security will never cut benefits. Shortfalls will just be funded from the general fund. That’s always been obvious since the early seventies.

Thread.