Wednesday, January 26, 2011

Social Security To Run Deficit of $45 Billion This Year

Congressional Budget Office says trust fund will be drained by 2037

Washington – Unless Congress acts to shore up the system, the Social Security Trust fund will be drained much earlier than originally projected. Congressional Budget Office revised its estimate to show permanent annual deficits beginning this year.

The system will pay out $45 billion more this year than it takes in through payroll taxes. Previously, the accounting office showed no such permanent deficits until 2016

Economists blamed a weak economy, lagging payroll taxes and an increased number of applications for the benefits, added to an increased number of baby boomers taking retirement.

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