COVID-19 damage to Social Security to extend beyond pandemic

COVID-19 damage to Social Security to extend beyond pandemic
Where the magic happens. Wikipedia; By Dwight Burdette, CC BY 3.0, Link

[Ed. – The gift that keeps on giving]

COVID-19’s impact on America’s older adults is set to outlast the pandemic itself as it wreaks havoc on the Social Security retirement trust fund that millions rely on for benefits.

The nonpartisan Congressional Budget Office projects that in the aftermath of the pandemic, the trust fund will deplete its $2.8 trillion reserve over the next decade unless changes are made. Inaction would lead to cuts of 20 percent or more to benefits starting in 2031.

The decreased revenue stream stems in large part from the millions of lost jobs during the pandemic, which has led to fewer people and employers paying into the trust fund. That drop, paired with a scaling back of hours at remaining jobs, has been the biggest blow to the long-term outlook for Social Security, according to a report from the Bipartisan Policy Center (BPC).

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