Month: September 2021

The U.S. Treasury Department said Tuesday that Social Security trust funds won’t be able to pay full benefits by 2034, one year earlier than previously projected, due to the impacts of the COVID-19 pandemic. In its annual summary of Social Security’s reserves, the program’s trustees said the Old-Age and Survivors Insurance and the Disability Fund, designed to provide a source of income to former workers who have retired or can’t work due to a disability, have enough combined funds to pay scheduled benefits until 2034. “At that time, the combined funds’ reserves will become depleted and continuing tax income will be sufficient to pay 78% of scheduled benefits,” the report stated.

The Old-Age and Survivors Insurance will be able to pay scheduled benefits until 2033, running out one year sooner than reported last year and the Disability Insurance fund will have adequate funds to make payments through 2057, depleting eight years faster than previously anticipated. The report specifically cited the impacts of the COVID-19 pandemic for the accelerated depletion of funds. As a result of the pandemic, the trustees projected increased rates of mortality through 2023, as well as reductions in immigration and childbearing in 2021-22 from the levels projected in 2020.

The City of New Orleans issued a curfew beginning Tuesday due to mass power outages and significant amounts of debris in the aftermath of Hurricane Ida. The curfew went into effect Tuesday night from 8 p.m. to 6 a.m.

According to New Orleans Police Department Superintendent Shaun Ferguson, ‘there is absolutely no reason anyone should be on the streets.’ Ferguson followed up the announcement of a curfew saying there have been some issues of looting, with several arrests made, and general safety as New Orleans remains in the dark since Ida’s Sunday landfall. The New Orleans police department (NOPD) will also have the Louisiana National Guard and Louisiana State Police to assist with patrolling the city.

New Orleans Mayor LaToya Cantrell said power could show up as soon as Wednesday, but she urged residents not to get their hopes up. “Based on what I know at this time, there is an expectation by tomorrow late afternoon, into the evening, that we should have some level of transmission to the city of New Orleans,” Cantrell said. “That does not mean we will immediately see all the lights on in the city.” Additionally, while the possibility of power on Wednesday will not mean complete restoration, Cantrell said it will mean Entergy can start focusing on distribution lines, many of which are wrapped up in trees. For most residents, however, power restoration could still take weeks.