“Today’s older workers may see the first cuts to Social Security benefits” – MarketWatch

social security“The Congressional Budget Office released a report detailing the potential impact of the pandemic on the country’s economy.” –  GETTY IMAGES

by Alessandra Malito

“The Congressional Budget Office released an updated budget outlook, including the pandemic’s impact on the economy.”

“Many young Americans say they don’t expect to get Social Security when they retire, but it’s the older workers of today who may see the first cuts to their benefits.

“The Congressional Budget Office released an updated budget outlook on Wednesday, originally published in July, to reflect the impact the pandemic has had on the economy. In the report, the agency said the budget deficit will reach a record $3.3 trillion this year — and $13 trillion over the next decade. The national debt, which is projected to be 98% of gross domestic product this year, is also expected to surpass the levels of World War II next year, when it’s expected to reach 104% in 2021.

“Among the numerous adverse effects of the current crisis is the steep incline in the expected insolvency dates for Social Security and Medicare’s programs, which are expected to run out of money in 11 years compared with the previous projection of 15 years.” 

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