Will Social Security survive Covid-19?

Social Security and Medicare are projected to run a staggering $82 trillion cash deficit over the next 30 years!

Senior’s retirement benefits severely underfunded!

A uncontrolled virus!

Is social security viable for your retirement income?

While both sides of political parties fight on Capital Hill about the best method to move the economy forward in the wake of Covid-19, the United States debt burden continues to grow topping $24.1 trillion as of April 2020. Approximately 74% of the United State’s debt is held by public organizations: Foreign governments, Pensions, Mutual Funds, State and local governments, Insurance Companies, Banks, etc.

The Federal Budget in 2018 :

See More About RevenuesPayrollTaxes$1.2 trillionOther$271 billionCorporateIncomeTaxes$205 billionIndividualIncomeTaxes$1.7 trillion$3.3 TrillionRevenuesDiscretionarySpendingMandatorySpendingNet InterestSee More About Mandatory SpendingSee More About Discretionary Spending$325 billionDefense$623 billionNondefense$639 billionOther$570 billionMedicaid$389 billionMedicare$582 billionSocial Security$982 billion$4.1 TrillionOutlays19691979198919992009-10-505Federal Deficits or Surpluses, 1969 to 2018Percentage of Gross Domestic Product1969197919891999200920406080Federal Debt Held by the Public, 1969 to 2018Percentage of Gross Domestic ProductThe annual deficit or surplus is equal torevenues minus outlays. To fund government spending in years ofdeficits, the government borrows fromindividuals, businesses, or othercountries by selling them Treasurysecurities. A deficit in any given yearincreases the federal debt, and a surplusin any given year decreases the federaldebt.Debt held by the public is roughlyequal to the sum of annual deficits andsurpluses.