Thursday, March 25, 2010

Social Security Tipping Point Officially Here

From N.Y. Times Social Security Payout To Exceed Pay In This Year

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.

Have a great idea? We Invest In Great Ideas

1 comment:

Howie G said...

Obama cant get it up, even against BP. Unelect this bum.