A glitch in the Social Security formula means a longterm coronavirus-related benefit cut for some workers
Trump signals he’s open to Social Security and Medicare cuts, despite promising during the last presidential campaign to leave the programs alone.Advertisement
That’s unpalatable for Social Security advocates, who value wage indexing because it helps maintain parity of benefits and therefore the relevance of Social Security for newly retiring workers, and because the wage glitch is largely a one-time problem derived from current extraordinary conditions. There are two precedents for that. The maximum annual earnings subject to the Social Security payroll tax never falls even when wages fall .And cost-of-living adjustments to annual benefits can never result in lower benefits from one year to the next, even if the consumer price index on which they’re based falls.
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