Social Security Now In the Red

Posted: February 9, 2011 in america, politics

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NPR reports:

“Every year since Franklin Delano Roosevelt signed Social Security into law in 1935, it had taken in more money through payroll taxes than it paid out. That is, until last year.

Social Security has now officially gone cash negative — and that means a nation that borrowed surplus Social Security revenues for decades will have to start paying that money back.”

CBS writes:

“This year alone, Social Security is projected to collect $45 billion less in payroll taxes than it pays out in retirement, disability and survivor benefits, the nonpartisan Congressional Budget Office said Wednesday. That figure swells to $130 billion when a new one-year cut in payroll taxes is included, though Congress has promised to repay any lost revenue from the tax cut.”

Can’t wait to retire…

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