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Photo: Frederic J. Brown/AFP/Getty Images

The Social Security program's costs are projected to begin exceeding its income in 2020, according to an annual report from the trustees of Social Security and Medicare.

The big picture: The increasing costs of both the retirement and disability programs that fall under Social Security will cause a financial shortfall for the first time since 1982, forcing the program to tap into its nearly $3 trillion trust fund. Evaluated independently, the retirement trust fund will become depleted by 2034, while the disability reserves will run out by 2052.

Highlights:

  • According to the report, the shortfall is the result of retiring baby boomers increasing the number of Social Security beneficiaries at a faster rate than covered workers — who belong to "lower-birth-rate generations" — are entering the workforce.
  • Though disability reserves are expected to be depleted by 2052, that's 20 years later than previously projected, thanks to a continued decline in new disabled-worker applications.
  • The Social Security and Medicare programs' combined cost are expected to jump from 8.7% of GDP in 2019 to 11.6% by 2035. Most of the rising costs are a result of Medicare getting more expensive, the trustees wrote.

The bottom line, per the report: "The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them. Implementing changes sooner rather than later would allow more generations to share in the needed revenue increases or reductions in scheduled benefits."

Go deeper

35 mins ago - Politics & Policy

Trump to issue at least 100 pardons and commutations before leaving office

Photo: Mandel Ngan/AFP via Getty Images

President Trump plans to issue at least 100 pardons and commutations on his final full day in office Tuesday, sources familiar with the matter told Axios.

Why it matters: This is a continuation of the president's controversial December pardon spree that saw full pardons granted to more than two dozen people — including former Trump campaign chair Paul Manafort, longtime associate Roger Stone and Charles Kushner, the father of Trump's senior adviser and son-in-law Jared Kushner.

  • Those set to be pardoned before Trump exits the White House will be a mix of criminal justice and people connected to the president, the sources said.
  • CNN first reported this news.

Go deeper: Convicts turn to D.C. fixers for Trump pardons

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.