Social Security benefits face reduction a year earlier than expected due to pandemic
CBSN
Social Security and Medicare, the government's two biggest benefit programs, remain under intense financial pressure with the retirement of millions of baby boomers and a devastating pandemic. Social Security will be unable to pay full benefits starting in 2034, a year earlier than previously forecast, due to impact of the crisis.
That's according to a new report from the programs' trustees released Tuesday, which moved up, by one year, the date for the depletion of Social Security's reserves. Medicare is still expected to exhaust its reserves in 2026, the same date as estimated last year. The pandemic's hit to the economy — when unemployment rocketed to almost 15% — has rippled through the nation, prompting some older workers to take early retirement, while millions of women with children have left the workforce due to remote school or lack of daycare. At the same time, fewer adults are opting to have children, depressing the birth rate. A shrinking workforce may also pose trouble in the longer-term for the Social Security program, since it relies on a payroll tax to finance benefits.A cybercriminal group claims it stole personal data belonging to more than 500 million Ticketmaster customers. Although the event ticketing service, owned by Live Nation Entertainment, hasn't confirmed the attack, security experts warn that it could put users of the platform at risk for a range of scams.
Two climbers were waiting to be rescued near the peak of Denali, a colossal mountain that towers over miles of vast tundra in southern Alaska, officials said Wednesday. Originally part of a three-person team that became stranded near the top of the mountain, the climbers put out a distress call more than 30 hours earlier suggesting they were hypothermic and unable to descend on their own, according to the National Park Service.
There's no making up for what Olympic hurdler Lashinda Demus lost on the day she finished .07 seconds behind a Russian opponent who, everyone later learned, was doping. What the American 400-meter hurdles champion will finally receive is a great day under the Eiffel Tower where she'll be presented with the gold medal she was denied 12 years ago at the London Olympics.