HERMANN MISSOURI OKTOBERFEST 2010

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Monday, October 25, 2010

Your Money???????

The U.S. Treasury has needed to borrow money to pay Social Security benefits in 15 out of the last 25 months on record because the Social Security system was in deficit in those months, with the cost of monthly benefit payments exceeding the Social Security tax revenues flowing into the Old Age, Survivors and Disability Insurance "trust funds," according to data published by the Social Security Administration.
Because the overall federal budget was in deficit during this entire period, the surplus revenues Social Security earned in the remaining 10 months of the last 25 was used during those months to pay ongoing general government expenses and was not saved to pay future Social Security benefits.


“Social Security expenditures are expected to exceed tax receipts this year for the first time since 1983,” said the trustees.
“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," the trustees said. "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.”
Mark Lassiter, a spokesman for the Social Security Administration, told CNSNews.com that the recent shortfall was “due, in part, to more beneficiaries coming onto the rolls than originally anticipated due to the economic downturn.”

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