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.
House members voted again Thursday to punish one of their own, targeting Democratic Rep. Jamaal Bowman for triggering a fire alarm in one of the U.S. Capitol office buildings in September when the chamber was in session.
The Senate has failed to advance a bill that would provide aid to Ukraine and Israel.
A Nevada grand jury indicted six Republicans who submitted certificates to Congress falsely declaring Donald Trump as the winner of the 2020 presidential race.
Former President Donald Trump has returned to his New York civil business fraud trial again.
Columnist and political analyst Jonathan Harris provided a full recap of Wednesday night's Republican presidential debate.
The U.S. military has grounded its fleet of Osprey V-22 aircraft a week after a deadly crash off the coast of Japan.
But even as he lashed Republicans for their stance, Biden stressed that he is willing to “make significant compromises on the border,” if that’s what it takes to get the package through Congress.
The four Republican presidential candidates debating Wednesday night mostly targeted each other instead of Donald Trump. Former United Nations Ambassador Nikki Haley took the brunt of the attacks as she gets more interest from donors and voters.
Word about McCarthy's future had been expected the approach of the filing deadline to seek reelection. His departure will leave the already paper-thin House GOP majority even tighter, with just a few seats to spare.
Russian President Vladimir Putin began a rare overseas trip that will include a meeting with Saudi Arabia's crown prince, Mohammed bin Salman.
