By DAVID SCHEPP Posted 5:36 PM 08/05/10
It was only a matter of time, but it's finally happened: The nation's Social Security system will pay out more than it takes in this year and next, as aging baby boomers begin entering retirement. The milestone marks the first time in nearly 30 years that the system is in the red, according to a report issued Thursday by federal officials overseeing the program.
The shortfall has been exacerbated by the recession and high employment, which have reduced payroll tax revenues. Long term, however, Social Security's finances stand to improve slightly, the trustees report said. A new tax on pricey health plans, part of recently passed health-care overhaul legislation that goes into effect in 2019, will result in more revenues.
Answer by yourspecialkid at 11:56 AM on Aug. 6, 2010
Answer by Sisteract at 11:57 AM on Aug. 6, 2010
Answer by UpSheRises at 11:59 AM on Aug. 6, 2010
Answer by Moms_Angels1960 at 11:59 AM on Aug. 6, 2010
Answer by sweetstkissez22 at 12:00 PM on Aug. 6, 2010
Answer by itsmesteph11 at 12:20 PM on Aug. 6, 2010
It's obvious that our government cant keep their mitts off our money like they promised so I sure don't want to be a part of any "new" program they have in mind.
How down right American.....
I know that my recently departed ILs and my own mom appreciate(d) that small check they receive(d) each month in addition to the MC that supplements(ed) their health care. More jobs is the answer.
Answer by Sisteract at 12:51 PM on Aug. 6, 2010
Answer by gertie41 at 1:01 PM on Aug. 6, 2010
Next question overall
My 15 months old DD is going to sleep at my MIL for the 1st time in september...