The Economic Costs of ‘Slow the Spread’ to Senior Citizens: A 25% Cut in Social Security Benefits by 2028?
The economic costs to American senior citizens from ‘slow the spread,’ could be crippling — especially to the 45% of unmarried elderly Social Security beneficiaries and 21% of married couples, who rely on Social Security for 90% or more of their income.
With 20% unemployment expected in June, per the White House, as another cost of their ‘slow the spread’ policy, compounded by the White House Coronavirus Task Force strategy to refuse to acknowledge or talk about the millions of Americans who have asymptomatic conditions and now have antibodies, is further driving ever-greater economic devastation and corresponding damage to the fiscal status of the Social Security Trust Fund.
See the chart below from the Bipartisan Policy Center — without Congressional action to fix the Trust Fund, when the “Another Great Recession” red line hits zero, there will be an automatic 25% to 27% cut in Social Security benefits to seniors in the summer of 2028.
Here is a graphical representation of the effect of the economic devastation created by ‘slow the spread’ on the Social Security Trust Fund, from the Bipartisan Policy Center: