Social Security posting $600B deficit over 10 years

Social Security will post nearly $600 billion in deficits over the next decade as the economy struggles to recover and millions of baby boomers stand at the brink of retirement, according to new congressional projections.
This year alone, Social Security is projected to collect $45 billion less in payroll taxes than it pays out in retirement, disability and survivor benefits, the nonpartisan Congressional Budget Office said Wednesday. That figure ... Full Story »

Posted by Fabrice Florin
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Posted by: Posted by Fabrice Florin - Mar 6, 2011 - 6:53 PM PST
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Edited by: Fabrice Florin - Mar 6, 2011 - 6:54 PM PST

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Fabrice Florin
3.9
by Fabrice Florin - Mar. 6, 2011
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Margaret McGowan
by Margaret McGowan - Mar. 6, 2011

About average for journalism today. It has a lot of facts but buys into the storyline of those who would cut Social Security benefits. It uses loaded statements, e.g. the social security surplus"has been borrowed over the years by the federal government and spent on other programs." Another of the articles listed as opposing Sen. Durbin's statement indicated Social Security was "forced" to loan the surplus to the federal government. A less value laden way of explaining this is to say that the Social Security surplus was invested in the safest available investments, U.S. government notes. It is true that past presidents going back to Johnson have masked the size of the federal debt by balancing it against the social ... More »

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