The U.S. ran its largest deficit in history in FY20 at the peak of the pandemic, with a more than $3.1 trillion shortfall. The second-largest deficit occurred a year later, hitting $2.7 trillion in FY21. As some COVID-19 relief programs expired in FY22, the deficit dipped to ...
Individuals must pay into the system (i.e., incur the payroll tax) for 40 calendar quarters to become entitled to premium-free Part A benefits. Prior to enactment of P.L. 97-248, federal employees did not pay the Medicare Hospital Insurance tax and therefore their federal employment did ...