Payments have risen more than expected during the downturn, official says
The bursting of the real estate bubble and the ensuing recession have hammered jobs, home prices and now Social Security.
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.
Stephen C. Goss, chief actuary of the Social Security Administration, said that while the Congressional projection would probably be borne out, the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual.
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3 comments:
Thanks Jimmy Carter. NOT
This is a problem that both parties are too chicken$hit to face headon. And you guys let them keep putting it off because you would rather demonize people with the old "welfare queens in cadillacs" line
Boy I am glad we got that Health Care to look forward to.
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