Now comes new congressional projections showing Social Security running permanent annual deficits into the foreseeable future.
But Complete Las Vegans already knew that from this earlier post: "Reid whistles a happy (but dangerous) tune on Social Security".
Take a moment to re-read that post and follow-up with this breaking news from the Associated Press:
By STEPHEN OHLEMACHER
WASHINGTON (AP) – New congressional projections show Social Security running permanent annual deficits unless lawmakers act to shore up the massive retirement and disability program.
The Congressional Budget Office said Wednesday that Social Security will pay out $45 billion more in benefits this year than it will collect in payroll taxes, further straining the nation’s finances. The deficits will continue until the Social Security trust funds are eventually drained, in about 2037.
Previously, CBO said Social Security would start running permanent deficits in 2016. In the short term, Social Security is suffering from a weak economy that has payroll taxes lagging and applications for benefits rising. In the long term, Social Security will be strained by the growing number of baby boomers retiring and applying for benefits.
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