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.
Rep. George Santos easily survived a vote Wednesday to expel him from the House as most Republicans and 31 Democrats opted to withhold punishment while both his criminal trial and a House Ethics Committee investigation proceed.
President Joe Biden visited Minnesota on Wednesday.
Former President Donald Trump's two sons, Eric and Donald Jr., are set to take the stand in the ongoing civil fraud trial against Trump and his companies. Trump Jr. is expected to testify Wednesday.
President Biden is heading to Minnesota and will tour a family-run farm and hold a fundraiser hosting the state's top Democrats.
The Supreme Court will hear arguments about whether a California man is able to trademark the phrase 'Trump too small.' The phrase appears to mock former President Donald Trump and suggests the GOP front-runner is 'too small' for office.
Former president Donald Trump's two sons, Eric and Don Jr., are set to take the stand in the ongoing civil fraud trial against Trump and his companies.
More than 50 local officials signed onto a letter Tuesday calling on the Environmental Protection Agency to help municipal governments cut food waste in their communities.
After more than three weeks of siege, the first Palestinians — dozens of dual passport holders and seriously injured — were allowed to leave Gaza, where Israeli airstrikes pounded a refugee camp for the second day Wednesday.
The nation's top military and diplomatic leaders urged an increasingly divided Congress on Tuesday to send immediate aid to Israel and Ukraine, arguing at a Senate hearing that broad support for the assistance would signal U.S. strength to adversaries worldwide.
Deputies killed a Maine man outside a police station. Police say he was armed with a rifle.
