2 Simple Reasons Why Surging COVID-19 Cases Are Terrible for Social Security
If you've been paying any attention to the news, you're no doubt aware that, despite hopes that the coronavirus pandemic in the U.S. would be brought under control by the summer, things only seem to be getting worse here. In all but a handful of states, new COVID-19 diagnoses are rising sharply, and hospitals in a host of new hot spots are being overwhelmed by critical COVID-19 cases.
For obvious reasons, all of this is awful news for the country from both the public health and macroeconomic perspectives. But you may not know why it's also bad news for Social Security.
In April, the U.S. jobless rate reached a record 14.7%, and while that number came down in both May and June, it's still incredibly high. June's unemployment rate was 11.1%, compared to 3.5% in February, and still worse than the worst month of the Great Recession, when it hit 10.6%.
Source Fool.com
