Job and revenue losses prompted by the coronavirus will likely accelerate the depletion of Social Security and Medicare reserves, U.S. officials said on Wednesday as they released reports showing little change in the federal benefit programs' pre-pandemic finances.
WASHINGTON - Job and revenue losses prompted by the coronavirus will likely accelerate the depletion of Social Security and Medicare reserves, U.S. officials said on Wednesday as they released reports showing little change in the federal benefit programs’ pre-pandemic finances.
The 2020 Social Security and Medicare trustees reports released on Wednesday did not reflect projections from the coronavirus pandemic but showed continued long-term funding shortfalls for retirement, disability and seniors’ healthcare benefits. Trump administration officials said that while they have made no official projections on the effects of the virus, if a 15% reduction in employment and revenues persists over the full 2020 year, they expect those depletion dates will move forward.
A worse-case scenario of a second year of a 15% reduction could push the Social Security depletion into 2033, the officials said.
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