2034 is looking to be a bad year for Social Security. It is the year Social Security’s trust funds will become unable to pay full benefits according to it’s trustees in the most recent estimate. The clock is ticking for future Social Security Disability recipients and to some of those currently enrolled now.
one year earlier than estimated last year, its trustees projected Tuesday, as the COVID-19 pandemic forces a reassessment of the giant federal program’s finances.
To add fuel to the fire, according to the U.S. government, Medicare’s hospital insurance fund will be exhausted by 2026. This was predicted last year.
“The pandemic and its economic impact have had an effect on Social Security’s Trust Funds, and the future course of the pandemic is still uncertain, Yet, Social Security will continue to play a critical role in the lives of 65 million beneficiaries and 176 million workers and their families during 2021.”
The above quote comes from the Social Security Administration’s acting commissioner, Kilolo Kijakazi, in a statement.
In Part 2 the two programs for Social Security with be outlined to give readers a better understanding on how cuts will work, specific to each program.