Posted by
Defend America on Thursday, March 25, 2010 6:36:20 PM
Social Security to pay more in benefits this year than it takes in
The Social Security system this year will pay out more in benefits than it receives in payroll taxes, The New York Times reports, quoting the Congressional Budget Office.
The switch comes six years earlier than expected, The Times says.
The
newspaper quotes Stephen Goss, chief actuary of the Social Security
Administration, as saying payments have risen more than expected during
the recession because jobs disappeared and people applied for benefits
sooner than they had planned.
At the same time, he says, there are fewer paychecks to tax.
http://content.usatoday.com/communities/ondeadline/post/2010/03/social-security-to-pay-more-in-benefits-this-year-than-it-takes-in/1