The U.S. Treasury said yesterday that the coronavirus pandemic will cause the main U.S. Social Security trust fund reserves to be depleted in 2033, a year sooner than an estimate made a year ago, as a steep drop in employment shrank revenues, Reuters reported. The Treasury said the Old Age and Survivors Trust Fund would be able to pay 76% of scheduled benefits after 2033 from continuing payroll tax revenues. The Medicare Hospital Insurance Fund reserves are expected to be depleted in 2026, the same as last year's estimate, Treasury said.
