The Social Security Trustees recently released the last pre-coronavirus report over the state of America’s two largest entitlement programs: Social Security and Medicare.
The Social Security Trust Funds are scheduled to run out of funds in 2035 and Medicare in 2026, meaning that they wouldn’t be able to pay out the full benefits Americans are promised — only a part of them, as tax revenue allows.
However, it’s highly likely that this economic crisis will fast forward the depletion date of both trust funds. Congress, then, must greatly slow down the growth of Social Security and Medicare to protect beneficiaries and avoid increasing taxes substantially, or it’ll thwart economic recovery.
Continue reading here.