How COVID-19 Is Wrecking Social Security’s Future
Over 20 million people have filed for unemployment since mid-March, so that’s 20 million payrolls that aren’t getting taxed anymore.
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If inflation rises, Social Security COLA will rise. If the country experiences deflation, then the COLA will be zero for the year. That happened in 2010, 2011 and 2016.
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“Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.”