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.
Former President Donald Trump spoke out against a potential protective order that would prevent him from disclosing evidence in the 2020 election case.
Ohio voters rejected a ballot measure that would make it harder to pass constitutional amendments, including an upcoming vote on abortion.
President Joe Biden on Tuesday signed a national monument designation for the greater Grand Canyon.
The Supreme Court is reinstating a regulation aimed at reining in the proliferation of ghost guns, firearms without serial numbers that have been turning up at crime scenes across the nation in increasing numbers.
Former Vice President Mike Pence has met donor requirements to participate in the first GOP debate.
A special election is underway in Ohio that could affect abortion access.
Thousands of Los Angeles city employees, including sanitation workers, lifeguards and traffic officers, walked off the job Tuesday for a 24-hour strike alleging unfair labor practices.
Former Lt. Gov. Geoff Duncan of Georgia was subpoenaed to testify before a grand jury investigating interference in the 2020 presidential election.
Ohio voters have resoundingly rejected a Republican-backed measure that would have made it more difficult to pass abortion protections.
President Joe Biden will announce a national monument designation at the Grand Canyon.
