Turns out the Federal government has not kept the billions it has collected in Social Security. This would have been good as it could have paid interest and instead congress spent promising to pay it back someday. Well someday is here and not because of the new green jobs that have boosted the economy and we have wealth again. It is here becuase for the first time since the 80’s Social Security does not have enough in payroll taxes to pay out in benefits. Social Security, is projected to pay out more in benefits than it collects in taxes it is not even close as it could be nearly $29 billion more. The Treasury Department issued Treasury bonds which means the government will have to borrow even more money, probably foreign, to start paying back the IOUs. This works well with the government already projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come. Social Security is projected to drain its trust funds by 2037 unless Congress does something.There are more than 52 million people receiving old age or disability benefits from Social Security. This is going to end up with a raise in the payroll tax as employers and employees must each pay a 6.2 percent tax now which is not enough. There is no other way to get ready for the 78 million baby boomers that are approaching retirement age. We wonder if the White House sees that due to 10% unemployment less people are paying into Social Security and that they should focus on jobs. The fuzzy math goes like this CBO projects that Social Security will continue to pay out more in benefits than it collects in taxes for the next three years. It is projected to post small surpluses of $6 billion each in 2014 and 2015, before returning to indefinite deficits in 2016.
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http://tea512.sunpride2000.com/2010/03/16/wasnt-the-ss-money-in-a-shoebox/
