Kilolo Kijakazi: Social Security Trust

Posted by admin on Sunday, October 17, 2021

Acting Social Security Administration Kilolo Kijakazi Money Quote saying Covid 19 Pandemic will continue to have an economic impact on Social Security Trust. Kilolo Kijakazi said:
 
The pandemic and its economic impact have had an effect on Social Security’s Trust Funds, and the future course of the pandemic is still uncertain Quote
 

“The pandemic and its economic impact have had an effect on Social Security’s Trust Funds, and the future course of the pandemic is still uncertain” — Kilolo Kijakazi

 

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In this quote, Kilolo Kijakazi seems to be acknowledging the impact that the COVID-19 pandemic has had on Social Security’s financial standing and future outlook. Specifically:

  • Kijakazi notes that the pandemic, along with its resulting economic effects such as job losses and reduced payroll tax revenue, have negatively impacted Social Security’s Trust Funds which support the program.
  • Kijakazi also states that with the “future course of the pandemic is still uncertain,” the pandemic’s lingering economic effects are hard to predict, adding uncertainty to projections of the Trust Funds and program’s solvency.

The best interpretation is that Kijakazi is recognizing that Social Security’s finances have been weakened by the pandemic and subsequent recession, and that ongoing pandemic-related economic impacts introduce difficulties in gauging the program’s long-term fiscal health and sustainability given the unpredictable nature of the public health crisis’s duration and fallout.

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