By Ricardo Alonso-Zaldivar and Martin Crutsinger
Social Security and Medicare, the government’s two biggest benefit programs, remain under intense financial pressure with the retirement of millions of baby boomers and a devastating pandemic putting increased pressures on the two programs’ finances.
A report from the programs’ trustees released Tuesday moved up by one year the date for the depletion of Social Security’s reserves, now projecting that Social Security will be unable to pay full benefits starting in 2034 instead of 2035.
Medicare is still expected to exhaust its reserves in 2026, the same date as estimated last year.
“The finances of both programs have been significantly affected by the pandemic and the recession of 2020,” the trustees said.
The report noted that employment, earnings, interest rates, and economic growth plummeted in the second quarter of 2020 after the pandemic hit the United States.
The report said that “given the unprecedented level of uncertainty” there was no consensus on what the long-lasting effects of the pandemic will be on the two benefit programs.
When the Social Security trust fund is depleted the government will be able to pay 78% of scheduled benefits, the report said.
U.S. Vice President Kamala Harris announced Thursday that the U.S. is investing more than $100 million in the Caribbean region to crack down on weapons trafficking, help alleviate Haiti’s humanitarian crisis and support climate change initiatives.
It is arguably the most perilous of multiple legal threats against the former president as he seeks to reclaim the White House.
U.S. Vice President Kamala Harris announced Thursday that the U.S. is investing more than $100 million in the Caribbean region to crack down on weapons trafficking, help alleviate Haiti’s humanitarian crisis and support climate change initiatives.
At Cleveland's Urban Kutz Barbershop, customers can flip through magazines as they wait, or help themselves to drug screening tests left out in a box on a table with a somber message: “Your drugs could contain fentanyl. Please take free test strips.”
President Joe Biden on Thursday condemned a wave of “cruel” and “callous” state legislation curbing the rights, visibility and health care access of LGBTQ+ people, while causing the community to feel under attack for being who they are.
Pat Robertson, a religious broadcaster who turned a tiny Virginia station into the global Christian Broadcasting Network, tried a run for president and helped make religion central to Republican Party politics in America through his Christian Coalition, has died. He was 93.
The Supreme Court on Thursday issued a surprising 5-4 ruling in favor of Black voters in a congressional redistricting case, ordering the creation of a second district with a large Black population.
Mike Pence opened his presidential bid with an unusually forceful critique of former President Donald Trump over Jan. 6, his temperament and abortion on Wednesday as he became the first vice president in modern history to challenge his former running mate.
Former New Jersey Gov. Chris Christie wasted no time going after Donald Trump while launching his presidential campaign on Tuesday, calling the former president and current Republican primary front-runner a “lonely, self-consumed, self-serving mirror hog" and arguing that he's the only one who can stop him.
Saying gender identity is real, a federal judge temporarily blocked portions of a new Florida law that bans transgender minors from receiving puberty blockers, ruling Tuesday that the state has no rational basis for denying patients treatment.
