Social Security to start cashing Uncle Sam’s IOUs -> wtop.com/?nid=111&pid=0&sid=1912000&page=2
Stephen C. Goss, chief actuary for the Social Security Administration, says the crisis has been years in the making. “If this helps get people to look more seriously at that in the nearer term, that’s probably a good thing. But it’s only really a punctuation mark on the fact that we have longer-term financial issues that need to be addressed.”
In the short term, the nonpartisan Congressional Budget Office projects that Social Security will continue to pay out more in benefits than it collects in taxes for the next three years. It is projected to post small surpluses of $6 billion each in 2014 and 2015, before returning to indefinite deficits in 2016.
For the budget year that ends in September, Social Security is projected to collect $677 billion in taxes and spend $706 billion on benefits and expenses.
Social Security will also collect about $120 billion in interest on the trust funds, according to the CBO projections, meaning its overall balance sheet will continue to grow. The interest, however, is paid by the government, adding even more to the budget deficit.
there is more
jmc
March 16, 2010, 3:53am
#2
BoyRacer:
Social Security to start cashing Uncle Sam’s IOUs -> wtop.com/?nid=111&pid=0&sid=1912000&page=2
Stephen C. Goss, chief actuary for the Social Security Administration, says the crisis has been years in the making. “If this helps get people to look more seriously at that in the nearer term, that’s probably a good thing. But it’s only really a punctuation mark on the fact that we have longer-term financial issues that need to be addressed.”
In the short term, the nonpartisan Congressional Budget Office projects that Social Security will continue to pay out more in benefits than it collects in taxes for the next three years. It is projected to post small surpluses of $6 billion each in 2014 and 2015, before returning to indefinite deficits in 2016.
For the budget year that ends in September, Social Security is projected to collect $677 billion in taxes and spend $706 billion on benefits and expenses.
Social Security will also collect about $120 billion in interest on the trust funds, according to the CBO projections, meaning its overall balance sheet will continue to grow. The interest, however, is paid by the government, adding even more to the budget deficit.
there is more
I think this is a few years earlier than predicted when this particular ponzi scheme was put together back in the '80’s. If I remember correctly the original net payout date was suppose to be in 2012 or 14, and according to the naysayers, would grind to a halt by 2020. That was in a Regan era NY Times article so I might be off a year or two.
If the Bond Vigilantes strike on schedule in 2012 then there should be a god almighty social security crisis by 2015. That is going to be real fun as the boomers realized that they have not only pissed away their 401ks and home equity but the SS fund as well over the last 20 years by their irresponsible voting habits.
