Social security is considered a future issue. The virus changed it.

Despite taxing high-income earners, Mr. Biden’s proposal would only buy the project for an additional five years, according to the Urban Institutional Analysis.

However, Mr. Biden’s policy advisers said the project was a start-up. “The Vice President’s financial proposal shows how he will pay off long-term debt to all Social Security recipients and how he will protect and maximize benefits,” said Jean Sperling, Mr Biden’s external adviser and former national economic adviser to the presidents. Bill Clinton and Barack Obama.

Every American has some risk, or someone close to them: about 178 million workers contribute to the program, and 45.8 million retirees this year will receive nearly $ 70 billion in benefits – an average of 500 per month, according to Social Security Administration.

Under current law, pension benefits can only come from trust funds, which are said to be declining by 2034. The Social Security Administration evaluates It does not take into account infection. At that time, only 76 per cent of the tax collected would be enough to pay the concessions. (A Budget Office of Congress The September report predicts that the Foundation will run out of funds by 2031; Included Center for Bipartisan Policy, The project will be completed soon.)

Inaction is serious, Mr. Aqabas said that as the insolvency approaches, the necessary changes will be increasingly painful – the tax increase should be higher, and any cuts should be more severe.

“We have been waiting a long time to fix the problem,” he said, adding that “fewer people can play a role in the solution.”

More than half of the population of about 65 and over households receive at least half of their income from Social Security, according to a 2017 study Social Security Bulletin. About 25 percent of elderly families rely on social security for 90 percent of their income.