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The U.S. national saving rate has declined significantly since the mid-1960s.
Despite recent declines, U.S. household debt is still very high relative to disposable income.
On average, Social Security benefits exceed Social Security taxes over an individual’s lifetime.
https://www.pgpf.org/Chart-Archive/0198_social_security_lifetime_benefits
Social Security provides social insurance by redistributing income from high earners to low earners.
https://www.pgpf.org/chart-archive/0244_social-security-income-redistribution
The United States was in a more precarious fiscal position in 2020 than it was at the onset of the last six recessions.
https://www.pgpf.org/chart-archive/0309_precarious_fiscal_position
On average, Medicare benefits far exceed taxes over an individual’s lifetime.
https://www.pgpf.org/chart-archive/0197_Medicare_lifetime_benefits
Federal taxes and transfers can help reduce disparities in income.
https://www.pgpf.org/chart-archive/0233_taxes-reduce-disparities