Economic downturn from coronavirus may impact seniors' COLA next year

The negative economic impact of coronavirus on the U.S. economy is bad news for Social Security's more than 64 million beneficiaries.

In relatively short order, coronavirus disease 2019 (COVID-19) has gone from a novel illness worth watching from afar to something that's prevalent in our own backyards.

With the World Health Organization declaring coronavirus to be a pandemic, and President Trump declaring COVID-19 to be a national emergency, it's become clear that this illness is going to change the world as we know it.

Many of these changes are highly visible and include school closures, sporting-event cancellations, bans on large gatherings, and a substantive increase in telecommuting in recent weeks. But there are other less visible impacts coronavirus is having on the United States, and the Social Security program is a prime example.

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