I guess it's probably not a big concern...but remember, all of these projections are based on rosy scenarios...of course the world is quite stable right now
oh, and remember that SS recipients haven't been getting COLA increases because the admin. claims there's no increase in the cost of living...the number should be higher
Jan 27, 2011 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.
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August 18, 2010: 6:49 PM ET
NEW YORK (CNNMoney.com) -- It's official: Social Security will reach its tipping point this year.
For the first time in nearly 30 years, the system will pay out more benefits than it receives in payroll taxes both this year and next, the government officials who oversee Social Security said on Thursday.
And while Social Security cash flow will likely head back into the black for a few years after that, starting in 2015 it looks to stay in the red for the long haul, the trustees said in their annual report.
"The improving economy is expected
(always count on the opposite of what this bunch says is "expected") to result in rough balance between Social Security taxes and expenditures for several years before the retirement of the baby boom generation swells the beneficiary population and causes deficits to grow rapidly," Treasury Secretary Tim Geithner said.
As for this year's dip into the red, Geithner said the recession is to blame.
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