Social Security gets clobbered again.
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Social Security gets clobbered again.
WASHINGTON - Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s.
The deficits — $10 billion in 2010 and $9 billion in 2011 — won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit.
Applications for retirement benefits are 23 percent higher than last year, while disability claims have risen by about 20 percent. Social Security officials had expected applications to increase from the growing number of baby boomers reaching retirement, but they didn't expect the increase to be so large.
http://www.msnbc.msn.com/id/33043206/ns/business-us_business/
Is that the same $2.5 trillion in IOU's that are in that Lockbox in Parkersburg?
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SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Re: Social Security gets clobbered again.
SamCogar wrote:
Is that the same $2.5 trillion in IOU's that are in that Lockbox in Parkersburg?
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$4.31 Trillion in IOUs.
Cato- Number of posts : 2010
Location : Behind my desk
Registration date : 2007-12-28
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