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Social Security Payouts Exceed Receipts This Year

Submitted by Michael Nystrom on Thu, 03/25/2010 - 20:30
in

This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.

The problem, he said, is that payments have risen more than expected during the downturn, because jobs disappeared and people applied for benefits sooner than they had planned. At the same time, the program’s revenue has fallen sharply, because there are fewer paychecks to tax.

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http://www.nytimes.com/2010/03/25/business/economy/25social....


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reedr3v's picture

Government Ponzi schemes are

Submitted by reedr3v on Thu, 03/25/2010 - 22:56.

still legal and proliferating.

Uh Oh, you mean I won`t be getting my "old fart' check anymore?

Submitted by HYDROMAN on Thu, 03/25/2010 - 22:25.

!

—

"Since 1789 the only government on Earth that has the power to crush the American people`s liberties across the board is the government of the United States"
Robert Higgs

what amazes me

Submitted by wraiththirteen on Thu, 03/25/2010 - 22:21.

is that the people that love social security also push for abortion.

Boy did they shoot themselves in the foot.

A short post on this

Submitted by brandoj on Thu, 03/25/2010 - 21:59.

See http://hithimagain.com/

SteveMT's picture

The social security system is unsustainable.

Submitted by SteveMT on Thu, 03/25/2010 - 20:41.

There are less than 3 working people supporting each retiree. When the system started, 20 working people were supporting one retiree.

The unemployment picture is also not improving. 450k/week are losing their jobs.
March 25, 2010

WASHINGTON (AP) -- New claims for unemployment benefits fell more than expected last week as layoffs ease and hiring slowly recovers.

The Labor Department said Thursday that first-time claims for jobless benefits dropped by 14,000 to a seasonally adjusted 442,000. That's below analysts' estimates of 450,000, according to Thomson Reuters.

But most of the drop resulted from a change in the calculations the department makes to seasonally adjust the data, a Labor Department analyst said. Excluding the effect of those adjustments, claims would have fallen by only 4,000.

http://www.manufacturing.net/News-Initial-Jobless-Claims-Dow...