Headline RoundupSeptember 3rd, 2020

Congress Estimates Social Security to Run Out by 2031

AllSides Summary

On Wednesday, a Congressional Budget Report (CBO) predicted that the Social Security Old Age and Survivors Insurance (OASI) fund, which pays retirement benefits, would run out in 2031. The report estimated that the fund would decrease from $2.8 trillion today to $533 billion in 2030, and run out the following year without any congressional action. These numbers come after President Donald Trump ordered the Treasury Department to stop collecting payroll tax, which is primarily responsible for the Social Security fund, through the end of the year. On Wednesday, Senate Democrats sent a letter to the Government Accountability Office (GAO) asking for an expedited determination about whether the Treasury Department and IRS's guidance implementing the payroll-tax deferral is a "rule" for purposes of the Congressional Review Act (CRA). The story was primarily covered by left- and center-rated outlets; some coverage from the left framed the declining Social Security numbers as Trump's fault for cutting payroll tax. As of Thursday afternoon, Marketwatch was the only right-rated outlet to cover the news.

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