COVID 19 impacts federal deficit and Social Security fund

According to The Hill , "The Social Security Old Age and Survivors Insurance fund, which pays out retirement benefits, is on track to run out in 2031 as the economic fallout from the COVID-19 pandemic takes its toll, according to a Wednesday report by the Congressional Budget Office."

"Without congressional action to address the shortfalls, the depletion of the fund would lead to benefit cuts for retirees."

Another article in The Hill:"The federal deficit is expected to reach a record $3.3 trillion this year, more than twice the largest level on record, but lower than earlier estimates, according to new Congressional Budget Office (CBO) projections."

"The deficit will amount to 16 percent of gross domestic product (GDP), the largest since 1945."

"The explosion in the deficit follows a massive government response to the COVID-19 pandemic and the economic devastation it caused."