Your Social Security could be another victim of COVID-19, says Paul Brandus
The problems keep piling up. You don’t need me to tell you how bad things have gotten in just a few short, stunning weeks.
But some 16 million Americans—about a tenth of the entire U.S. labor force—have filed for first time unemployment benefits over the past three weeks. That’s 16 million workers, along with their employers, who aren’t paying into the system. And yet about 64 million Americans are entitled to an average monthly benefit this year of $1,503.
And that’s just the short-term problem. More ominously, the shortage of people paying into the system—even before this year’s catastrophes—is also a long-term worry. Since Social Security is based on new workers supporting retirees, consider this: the Census Bureau says the U.S. birthrate has now fallen for the fifth year in a row.
And that something is already beginning to give. For the first time since 1982, Social Security is paying out more than it in taking in; by 2035—just 15 years from now—its cash reserve will be depleted. After that, the Social Trustees warns that Social Security will only “be sufficient to pay about three-quarters of scheduled benefits.” In other words: a 25% cut.
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