President Obama Economy Rebounds SS goes in the tank
File this he did not see that coming, or maybe he did. When President Obama claims the economy is turning around he always say we are not out the woods yet. We think he has known about the latest hammer that is going put a strain on the US Economy. The combination of big job losses and a the growth in early retirement claims, 23% higher than usual, will force Social Security to pay out more in benefits than it collects in taxes over the next two years, this is the first time that has been in more than thirty years. The number is not small either as it will be $10 billion in 2010 and $9 billion in 2011. The other part is right now Social Security has amassed a surplus of $2.5 trillion. There have been close to 2.2 million people that have applied for Social Security retirement benefits since October. The problem of course is the loss of 6.9 million U.S. jobs. The Social Security program is funded by payroll taxes, which if less are working less in going in. The fuzzy math comes from the Federal Budget Offices which claims Social Security is projected to start generating surpluses again in 2012 before permanently returning to deficits in 2016. Without a new fix, the $2.5 trillion in Social Security’s trust funds will be exhausted in 2037. Those funds have actually been spent over the years on other government programs. They are now represented by government bonds, or IOUs, that will have to be repaid as Social Security draws down its trust fund. Your hero President Barack Obama has said he would like to tackle Social Security next year. About 43 million retirees and their dependents receive Social Security benefits. An additional 9.5 million receive disability benefits. You know how this is going to play out, more payroll taxes or a reduction in payouts.
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