{"id":76300,"date":"2020-09-27T01:35:32","date_gmt":"2020-09-26T22:35:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/todays-older-workers-may-see-the-first-cuts-to-social-security-benefits\/"},"modified":"2020-09-27T01:35:32","modified_gmt":"2020-09-26T22:35:32","slug":"todays-older-workers-may-see-the-first-cuts-to-social-security-benefits","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/todays-older-workers-may-see-the-first-cuts-to-social-security-benefits\/","title":{"rendered":"#\n  Today\u2019s older workers may see the first cuts to Social Security benefits"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf1a631d8b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf1a631d8b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/todays-older-workers-may-see-the-first-cuts-to-social-security-benefits\/#The_Congressional_Budget_Office_released_an_updated_budget_outlook_including_the_pandemics_impact_on_the_economy\" >The Congressional Budget Office released an updated budget outlook, including the pandemic\u2019s impact on the economy<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/todays-older-workers-may-see-the-first-cuts-to-social-security-benefits\/#Alessandra_Malito\" >Alessandra Malito<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Today\u2019s older workers may see the first cuts to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security benefits<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"The_Congressional_Budget_Office_released_an_updated_budget_outlook_including_the_pandemics_impact_on_the_economy\"><\/span>\n  The Congressional Budget Office released an updated budget outlook, including the pandemic\u2019s impact on the economy<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"005B1F8C-EDFB-11EA-B95D-4C233F6B2663\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Many young Americans say they don\u2019t expect to get Social Security when they retire, but it\u2019s the older workers of today who may see the first cuts to their benefits. <\/p>\n<p> The Congressional Budget Office released an updated budget outlook on Wednesday, originally published in July, to reflect the impact the pandemic has had on the economy. In the report, the agency said the budget deficit will reach a record $3.3 trillion this year \u2014 and $13 trillion over the next decade. The national debt, which is projected to be 98% of gross domestic product this year, is also expected to surpass the levels of World War II next year, when it\u2019s expected to reach 104% in 2021. <\/p>\n<div class=\"paywall\">\n       Among the numerous adverse effects of the current crisis is the steep incline in the expected insolvency dates for Social Security and Medicare\u2019s programs, which are expected to run out of money in 11 years compared with the previous projection of 15 years. <\/p>\n<p><strong>See: <\/strong>Social Security recipients may be in for a rude awakening later this year<\/p>\n<p>The programs rely heavily on payroll taxes. The CBO expects reported receipts from payroll taxes to increase this year despite record levels of unemployment in recent months, but that will change in subsequent years, it said. Lower interest rates and price levels will also reduce the cost of Social Security and other related health care programs, according to the Committee for a Responsible Federal Budget, which did an analysis on CBO\u2019s <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"http:\/\/www.crfb.org\/papers\/analysis-cbos-september-2020-budget-outlook?emci=8d20f410-24ed-ea11-99c3-00155d039e74&amp;emdi=8fd433f4-7bed-ea11-99c3-00155d039e74&amp;ceid=154602\" class=\"icon none\">updated outlook<\/a>. <\/p>\n<p>Still, Social Security is in trouble. The two trust funds that support the program, which pays out retirement benefits as well as disability and survivorship benefits, are already at risk of running out of money within the next two decades. With the impact of the pandemic under review, the CBO estimates the insolvency date for Social Security Disability Insurance to be 2026, and the Social Security retirement program, known as Old-Age and Survivors Insurance, by 2031. Medicare Hospital Insurance faces insolvency by 2024 if nothing is done to rectify these projections. <\/p>\n<p>\u201cIn other words, today\u2019s youngest retirees will face a sharp 25% drop in their benefits when they turn 73,\u201d the CRFB said in an analysis about the CBO\u2019s report. The cut is attributed to less tax revenue, an aging population that will inevitably claim Social Security benefits and trust fund assets that grow at a lower interest rate. <\/p>\n<p>Other research and policy organizations have even less conservative assessments \u2014 the Bipartisan Policy Center, for example, anticipates the two trust funds will be depleted around the time of the 2028 presidential election, according to an <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/bipartisanpolicy.org\/blog\/covid-19-may-deplete-social-security-trust-funds-this-decade\/\" class=\"icon none\">April 2020<\/a> analysis. <\/p>\n<div data-layout=\"inline\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetRelatedArticles\n          inline\n  article__inset\n        article__inset--type-InsetRelatedArticles\n          article__inset--inline\n  \"><\/p><\/div>\n<div data-layout=\"\n              inline\" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetCommentingPromo\n            \n            inline\n  article__inset\n        article__inset--type-InsetCommentingPromo\n            article__inset--inline\n  \"><\/p><\/div>\n<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Alessandra Malito\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Alessandra_Malito\"><\/span>Alessandra Malito<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B005B1F8C-EDFB-11EA-B95D-4C233F6B2663%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Today\u2019s older workers may see the first cuts to Social Security benefits &#8221; The Congressional Budget Office released an updated budget outlook, including the pandemic\u2019s impact on the economy Many young Americans say they don\u2019t expect to get Social Security when they retire, but it\u2019s the older workers of today who may see the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":76301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-76300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/76300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=76300"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/76300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/76301"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=76300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=76300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=76300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}