Has the Pandemic Affected the Future of Social Security?
Caitlin Emma at Politico.com warns that “Social Security could be insolvent by the end of the decade because of the coronavirus pandemic.” She writes that “economists are looking at trends and moving up the date when the program starts paying out more money than it takes in.” With many businesses forced to close due to lockdowns, unemployment has spiked. That means Social Security payroll taxes on those employers and employees aren’t being collected. Unfortunately, this could have dire consequences for the future of Social Security.
Thankfully, there’s hope.
The Social Security 2100 Act will provide a benefits boost and increase the amount of money flowing into the coffers of the program.
Congressman John Larson, sponsor of the bill, believes the pandemic will “spark a newfound appreciation for Social Security.” This, in turn, could provide momentum towards passing the Social Security 2100 Act.
You can help gain momentum for this crucial piece of legislation by signing our 2020 Benefits Protection Petition. Please CLICK HERE to sign our petition calling on Congress to act. Allies on Capitol Hill will need as much citizen support as possible to pass this important legislation.