Job loss, furloughs, salary cuts, increased claims for disability, forced early retirement … during the Covid-19 crisis all these factors will either cut the Social Security Trust payroll tax revenue because of lower taxes being paid or accelerate claims for benefits.
For decades Congress has ignored the declining fiscal status of the Social Security Trust, now the year in which the Trust is exhausted may be accelerated by two years to 2032.
Twelve years is not a long time and the longer changes are delayed, the more drastic the changes required … but you’ve heard all that before. With Congress distracted with the pandemic and upcoming elections action on Social Security is unlikely for years to come. 😢