Monday, March 29, 2010

Social Security to See Payout Exceed Pay-In This Year

This is a 'double whammy'. Not only is Social Security insolvent, but it became insolvent a full six years earlier then expected. Like almost all government programs, it is costing more than was expected and sooner then was expected. This does not bode well for the Health Care bill projections.

http://www.nytimes.com/2010/03/25/business/economy/25social.html

"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."

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