If the novel coronavirus did nothing else, it gave Liberals a blanketed excuse for their horrendous policies. According to an annual government report, the Social Security trust fund most Americans rely on for retirement will be out of money in as soon as 12 years.
CNBC reports the 12-year prediction is “one year sooner than expected” and “the outlooks, aggravated by the Covid pandemic, also threatens to shrink retirement payments and increase health-care costs for older Americans.” Essentially, everything Democrats were already accomplishing, sans their lucky COVID-19 excuse.
The “financial outlook for Social Security and Medicare, two of the nation’s preeminent safety net programs, has deteriorated over the past year as Covid hastened retirements and caused a contraction in the size of the U.S. labor force” reports CNBC. Again, the result of Democratic policies and horrific government overreach under the guise of saving the world from the coronavirus.
The Treasury Department oversees two Social Security funds: The Old-Age and Survivors Insurance and the Disability Insurance Trust Funds. Those programs are designed to provide a source of income respectively to former workers who have retired at the end of their careers or to those who cannot work due to a disability.
Officials said that the Old-Age and Survivors trust fund is now able to pay scheduled benefits until 2033, one year earlier than reported last year. The Disability Insurance fund is estimated to be adequately funded through 2057, eight years earlier than in the report published in 2020.
Though the two funds are separate under law, the Treasury Department said the hypothetical combined funds would be able to pay scheduled benefits on a timely basis until 2034.
Senior administration officials said in a press briefing Tuesday afternoon that a spike in deaths among retirement-age Americans in 2020 helped keep the programs’ costs lower than projected. They added that the ultimate, long-term impact of the coronavirus is less clear as costs and revenues return to their extended forecasts.
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