During fiscal year 2019, US government outlays for “Income Security,” a category that includes federal unemployment benefits and the nation’s “food stamps” program, were equal to 49% of the outlays made for Social Security benefits. During fiscal year 2020, US government outlays for “Income Security” were equal to 115% of the outlays made for Social Security benefits. (Source: Treasury Department)
JUST FIVE SURPLUS YEARS
The budget deficit for the United States in fiscal year 2020 (i.e., the 12 months that ended 9/30/20) was $3.1 trillion. The Untied States has run a budget deficit in 55 of the last 60 fiscal years, i.e., 1961-2020. The only surplus years were 1969, 1998, 1999, 2000 and 2001. (Source: Treasury Department)
The price of lumber increased nearly 50% from 4/30/20 to 8/31/20, the largest 4-month increase ever in the cost of lumber based upon data maintained since 1949 (source: Bureau of Labor Statistics).
NOT ALL INCOME
The maximum taxable wage base subject to the social security payroll tax will be $142,800 in calendar year 2021. An estimated 82.5% of earnings of all US workers will be subject to the social security payroll tax next year, a levy that is 6.2% for employees and 6.2% for employers (source: 2020 Trustees Report).