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This is the Yahoo version as the original is hidden behind a subscription/paywall.
So many Americans died from COVID, it’s boosting Social Security to the tune of $205 billion
I see this as more 'speculation' by the media in terms of "we're not as financially doomed as we thought." As the article notes, what's not included in the calculations is the loss of income (Social Security taxes) from people who have died and/or are suffering from things like "Long COVID." In other words, it's a one dimensional assessment intended to show a 'benefit' from COVID, but highlight racial inequities... or, as the 91 page paper (linked in the quote) notes in its Abstract...
Uh... 25 and older?!?! How many would have turned 65 or older (e.g., eligible for Social Security and Medicare)? In short, it's more 'modeling' (The Future Elderly Model) to, as I see it, continue muddling information. Alternatively, it's all part of 'the Plan' in terms of...
So many Americans died from COVID, it’s boosting Social Security to the tune of $205 billion
As the U.S. approaches the fifth anniversary of the official start of the COVID-19 pandemic, new research finds so many Americans died from the virus that the nation’s Social Security trust fund will see a net increase of hundreds of billions of dollars as a result of retirement benefits that will not be paid out.
The working paper from the National Bureau of Economic Research finds that approximately 1.7 million excess deaths among Americans 25 and older occurred between 2020 and 2023 related to the pandemic. Premature deaths related to COVID mean Social Security will not make retirement payments to those individuals in the future, reducing payments by about $294 billion, the researchers found...
The authors—including research scientists from the University of Southern California and an economist from the University of Illinois Urbana-Champaign—note that the savings are “modest.” Social Security is expected to pay out $1.6 trillion in benefits this year, meaning $205 billion is a couple months’ worth of payments...
The working paper from the National Bureau of Economic Research finds that approximately 1.7 million excess deaths among Americans 25 and older occurred between 2020 and 2023 related to the pandemic. Premature deaths related to COVID mean Social Security will not make retirement payments to those individuals in the future, reducing payments by about $294 billion, the researchers found...
The authors—including research scientists from the University of Southern California and an economist from the University of Illinois Urbana-Champaign—note that the savings are “modest.” Social Security is expected to pay out $1.6 trillion in benefits this year, meaning $205 billion is a couple months’ worth of payments...
.... The pandemic resulted in approximately 1.7 million excess deaths among individuals aged 25 and older between 2020 and 2023. These premature deaths reduced future retirement payments, which increased the Social Security fund by $294 billion. However, this gain was offset by reductions in future payroll tax flows ($58 billion) and increased payments to surviving spouses and children ($32 billion), resulting in a net impact of $205 billion. Non-Hispanic Black and Hispanic decedents left behind more underage children per capita, yet payments to their surviving family members were lower compared to nonHispanic White decedents, across all educational levels. Excess mortality during the COVID-19 pandemic has complex implications for the OASDI program. While there is an estimated net positive financial impact due to reduced future retirement benefits, this effect is mitigated by decreased payroll tax contributions and increased survivors’ benefits. The differential impact by race and ethnicity highlights existing inequalities and underscores the importance of considering demographic disparities in future projections of Social Security liabilities. These findings provide critical insights for informing SSA trust fund projections and policy decisions...
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