Social Security could be insolvent by the end of this decade because of the coronavirus pandemic, according to some new estimates, creating new pressure for Congress to fix the troubled program after decades of inaction.
The last official government projection had the program running out of money by 2035. But some outside economists are looking at the trends and moving up the date when the program starts paying out more than it takes in: Tens of millions of workers are suddenly unemployed and not paying into the government account that funds benefits for retired workers. At the same time, a flood of older Americans who’ve lost jobs are expected to start drawing benefits as soon as they’re eligible.
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