In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury's Financial Management services facility in Philadelphia. The financial impact of the coronavirus pandemic on Social Security and Medicare is front and center as the government releases its annual report on the state of the bedrock retirement programs on Tuesday, Aug. 31, 2021. (AP Photo/Bradley C. Bower, File)
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.
A Texas judge on Thursday granted a pregnant woman permission to obtain an abortion in an unprecedented challenge to the state’s ban that took effect after Roe v. Wade was overturned last year.
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.
A Nevada grand jury indicted six Republicans who submitted certificates to Congress falsely declaring Donald Trump as the winner of the 2020 presidential race.
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.
