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The effects of COVID-19 have prompted policymakers to provide financial aid across the U.S. Find out how much coronavirus funding has gone to your state with our interactive tool.
The coronavirus (COVID-19) pandemic is an unprecedented national emergency requiring a significant federal response. This page provides resources and analysis, tracking the actions our leaders are taking to respond, and providing insights on the state of America’s fiscal and economic outlook during the recovery.
“By any measure, the state of the Union’s fiscal outlook is unsustainable, and getting worse,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
The latest trustees reports make clear that Social Security and Medicare beneficiaries face substantial cuts in the near future unless policymakers take action to make these vital programs solvent.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
Admiral Michael G. Mullen began by making a strong connection between our national security and fiscal health, saying that our debt is an issue that requires a “sense of urgency … and we really need fix it very, very quickly” as a fundamental part of ensuring our strength at home and abroad.
As the large baby boom generation enters retirement and Americans continue to enjoy longer lifespans, more and more individuals will collect benefits from the system and for longer periods, while relatively fewer workers will contribute taxes to support it.