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The short-term effects of the coronavirus pandemic are inescapable and evident everywhere in the U.S., while its long-term consequences will emerge over time, in particular for the federal budget, including the Social Security program’s finances.

On April 22, the Social Security Board of Trustees published its annual report, in which it projected that combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance Trust Funds would become depleted in 2035, absent congressional action before then.

However, the report did not take into account COVID-19’s effects on the program’s finances.

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