Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Big Books & Bold Ideas with Kerri Miller
Chris Farrell and Kelly Gordon

The pandemic’s negative impact on social security

Social Security COLA
The Social Security Administration's main campus is seen in Woodlawn, Md.
Patrick Semansky | AP 2013

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

The Social Security trust fund has been paying out benefits using only the fund’s interest. 

That will change in 2021, when the fund itself will start being tapped to cover benefits. And by 2033, the trust fund is expected to be depleted — three years sooner than previously anticipated.

The pandemic is to blame. Not only are millions of Americans unemployed, which means fewer payroll taxes, but it’s possible many of those who are unemployed will apply for Social Security benefits as soon as they are eligible, rather than continue to look for work. 

President-elect Joe Biden has promised to shore up Social Security — partly by increasing payroll taxes on Americans earning more than $400,000 a year. But even that would only protect the safety net for an additional five years. 

Is there hope? MPR News senior economics contributor Chris Farrell spoke with two Social Security experts about what else a Biden administration might do — and how it could affect you.

Guests:

  • Nancy Altman is president of Social Security Works and chair of the Strengthen Social Security coalition.

  • Mark Miller is a journalist, author and podcaster who is a nationally-recognized expert on trends in retirement and aging.

Subscribe to the MPR News with Kerri Miller podcast on: Apple Podcasts, Google Podcasts, Spotify or RSS