March 5, 2021
Social security is a subject that always ends with thoughts about when it will run out. That time has come. Starting this year, the costs will exceed the income.
It’s a fairly simple program of money in, money out, but when that cash flow turns upside down the trust fund will start drawing down to continue full benefits. The trust funds will be depleted in 2034. Job losses, reduced hours and slow wage growth due to Covid hasn’t helped the situation but something has to be done. Right now, Covid eradication takes precedence over everything else. The stakes are high as the result will be...