CONvirus Just Inflicted This Devastating Blow on Social Security

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The newest Trustees Report did not factor in these impacts, either:

The projections and analysis in these reports do not reflect the potential effects of the COVID-19 pandemic on the Social Security and Medicare programs. Given the uncertainty associated with these impacts, the Trustees believe that it is not possible to adjust their estimates accurately at this time.

This could mean Social Security will face drastic cuts before 2034 if the trust fund follows the “worst case scenario”. According to the Independent Institute:

With U.S. unemployment now estimated to be “north of 20 percent,” Social Security is experiencing something much closer to its worst-case scenario, where its trust fund that provides money to boost the retirement income of millions of Americans will run out of money years sooner.

In fact, according to Bipartisan Policy, the trust fund that pays retirement benefits may experience drastic depletion eight years from now:

Our preliminary analysis finds that the Disability Insurance (DI) trust fund’s reserves may be depleted during the next presidential term, and the Old-Age and Survivors Insurance (OASI) trust fund’s reserves may be depleted right around the time of the 2028 presidential election.