Topic: Social Security faces $45 billion shortfall
InvictusV's photo
Wed 01/26/11 05:56 PM
New congressional projections show Social Security running permanent annual deficits unless lawmakers act to shore up the massive retirement and disability program.

The Congressional Budget Office said Wednesday that Social Security will pay out $45 billion more in benefits this year than it will collect in payroll taxes, further straining the nation's finances. The deficits will continue until the Social Security trust funds are eventually drained, in about 2037.

Previously, CBO said Social Security would start running permanent deficits in 2016. In the short term, Social Security is suffering from a weak economy that has payroll taxes lagging and applications for benefits rising. In the long term, Social Security will be strained by the growing number of baby boomers retiring and applying for benefits.

http://news.yahoo.com/s/ap/us_social_security

Chazster's photo
Wed 01/26/11 08:22 PM
But we could just have a lottery system of the baby boomers and those whose names get pull and can sacrificed for harvest. (south park reference) obviously joking here.

no photo
Wed 01/26/11 09:06 PM
Im not expecting to get much when I retire...my 30 years of working in the USA is being used right now to bankroll some baby-boomer...grumble

Fanta46's photo
Wed 01/26/11 09:28 PM
If they'd keep their hands off and pay off the IOUs in it, it would be plenty solvent.