In case the complexities of corporate data weren’t creating enough turbulence to keep corporate and legal teams up at night, along comes a prolonged pandemic to really shake things up..
Channel3000.com
December 10, 2020 5:04 AM newsfeedback@fool.com (Maurie Backman)
Posted:
Updated:
December 11, 2020 7:41 AM
Millions of seniors today collect Social Security. For some, those benefits comprise just a portion of their income. For others, those benefits cover the bulk of their bills.
But Social Security is facing a serious financial crisis. In the coming years, the program will owe more money in benefits than it collects in payroll tax revenue as baby boomers exit the labor force and not enough workers come in to replace them. The coronavirus pandemic has also done a number on Social Security. High unemployment levels have deprived the program of much-needed payroll tax revenue. If lawmakers don’t intervene, Social Security may need to implement universal benefit cuts in as little as 15 years.