2009 Social Security Trustees Report Overview

by **ohio county** Mon Jul 18, 2011 7:46 pm

http://www.ssa.gov/oact/tr/2009/II_highlights.html

For your reading pleasure:

Under the long-range intermediate assumptions, annual cost will begin to exceed tax income in 2016 for the combined OASDI Trust Funds. The combined funds are then projected to become exhausted and thus unable to pay scheduled benefits in full on a timely basis in 2037. The separate DI Trust Fund, however, is projected to become exhausted in 2020.

OASDI is Old-Age, Survivor, and Disability Insurance. DI is Disability Insurance.

Here's the laugher:

The projected trust fund deficits should be addressed in a timely way so that necessary changes can be phased in gradually and workers can be given time to plan for them. Implementing changes sooner will allow their effects to be spread over more generations. Social Security plays a critical role in the lives of 52 million beneficiaries and 160 million covered workers and their families in 2009. With informed discussion, creative thinking, and timely legislative action, present and future Congresses and Presidents can ensure that Social Security continues to protect future generations.

You mean, like they're handling the debt ceiling crisis?