Quote:
Originally Posted by Cimarron29414
Rekna,
So, pointing out these facts as facts in regards to one of the eight points the writer makes does not mean that I am a destroyer of the nation, as Rekna says, or a giant dummy toting some party line, as you imply.
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Poor form begets guff!
That being said: (Aug 5, 2010 Trustees Report Summary excerpt)
Quote:
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Social Security expenditures are expected to exceed tax receipts this year for the first time since 1983. The projected deficit of $41 billion this year (excluding interest income) is attributable to the recession and to an expected $25 billion downward adjustment to 2010 income that corrects for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink substantially for 2011 and to return to small surpluses for years 2012-2014 due to the improving economy. After 2014 deficits are expected to grow rapidly as the baby boom generation’s retirement causes the number of beneficiaries to grow substantially more rapidly than the number of covered workers. The annual deficits will be made up by redeeming trust fund assets in amounts less than interest earnings through 2024, and then by redeeming trust fund assets until reserves are exhausted in 2037, at which point tax income would be sufficient to pay about 75 percent of scheduled benefits through 2084.
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Social Security won't crash and burn till 2084, at current rates. Given that is a golden cow, or whatever the phrase, you can safely assume it'll be shored up or one-upped at some point in the next
seventy-four years.