The current economic crisis and response has dramatically expanded federal deficits. While this borrowing is largely necessary and desirable to combat the effects of the pandemic and resulting recession, it will lead to a permanent increase in the national debt. Committee senior vice president and senior policy director Marc Goldwein presented the Committee’s budget … [Read more...] about Projecting COVID’s Fiscal Impact
The Impact of the Coronavirus Pandemic on Social Security’s Finances
The coronavirus pandemic has had human and economic costs, with nearly 100,000 total deaths in the United States and more than 36 million new claims for unemployment benefits. The pandemic and policy responses to it will have long-term consequences for the federal budget and economy. The annual Social Security Trustees Report, released on April 22, 2020 relied on a pre-pandemic … [Read more...] about The Impact of the Coronavirus Pandemic on Social Security’s Finances
What the 2020 Trustees’ Report Shows About Social Security
Absent the COVID-19 pandemic, the near-term outlook for the Social Security trust funds would have changed very little in the past year, the latest annual report from the program’s trustees shows. Social Security can pay full benefits for 10-15 more years, but then faces a significant funding shortfall. Several key points emerge from the report, which are outlined … [Read more...] about What the 2020 Trustees’ Report Shows About Social Security