The new Social Security trustee report may show signs of improvement — with one major caveat
Social Security is fully funded for the next 15 years, and it’s mostly covered for the next 25 and 50 years too, according to the program’s trustees report released on Wednesday.
Medicare’s trust fund for hospital care will be fully funded until 2026, an estimate that remains unchanged from the year before. The coronavirus has the potential to jolt all of these factors. The U.S. has seen record levels of unemployment in the last month because of nationwide lockdowns, and some workers who have not lost their jobs have suffered a reduction in earnings. There are more than 816,000 confirmed cases of the coronavirus in the U.S., and 44,000 deaths across the country, according to the Johns Hopkins’ Coronavirus Resource Center.
The trustees report gathers data over the last year, which means we won’t see the impact of the coronavirus on the program’s health until the report in 2021, said Dan Adcock, director of government relations and policy at the National Committee to Preserve Social Security and Medicare.
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