Social Security now seen to run permanent deficitsMy Way News
WASHINGTON (AP) – Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.
The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016
This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors’ benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples – to $130 billion – when the new one-year cut in payroll taxes is included.
Read full story here
Possibly Related Posts:
- Tenther Radio Episode #86: Learning the Process and Effectively Nullifying
- I Am A Criminal
- The Philosophy of Liberty: Plunder
- Thomas Woods speaks at Paul Festival 2012
- Jason Rink speaks at Paul Festival 2012
Short URL: http://www.thelibertyvoice.com/?p=6728