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The Social Security trust fund has been paying out benefits using only the fund’s interest. 

That will change in 2021, when the fund itself will start being tapped to cover benefits. And by 2033, the trust fund is expected to be depleted —

The pandemic is to blame. Not only are millions of Americans unemployed, which means

, but it’s possible many of those who are unemployed will apply for Social Security benefits as soon as they are eligible, rather than continue to look for work. 

President-elect Joe Biden has promised to shore up Social Security — partly by increasing payroll taxes on Americans earning more than $400,000 a year. But even that would only protect the safety net for an additional five years. 

Is there hope? MPR News senior economics contributor Chris Farrell spoke with two Social Security experts about what else a Biden administration might do — and how it could affect you.

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Thanks to the pandemic, the Social Security trust fund is now expected to exhaust its assets by 2033 – three years earlier than previously projected. How might a Biden presidency impact the future of this social safety net?

The pandemic’s negative impact on social security

The pandemic’s negative impact on social security

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