Whovian
Banned
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- Oct 5, 2010
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FoxNews.com - Social Security Fund to Be Empty by 2037
Essentially, the SS trust fund has a big IOU in it, and nothing else.
Yup. I feel safe and secure about SS. How about you?
Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates...
President Barack Obama said in his State of the Union address Tuesday night that he wanted "a bipartisan solution to strengthen Social Security for future generations."
The president however has not embraced recommendations from a debt commission he appointed last year, including one that would gradually increase the full retirement age, from 67 to 69, over the next 65 years...
Social Security has built up a $2.5 trillion surplus since the retirement program was last overhauled in the 1980s... The $2.5 trillion surplus, however, has been borrowed over the years by the federal government and spent on other programs. In return, the Treasury Department has issued bonds to Social Security, guaranteeing repayment, with interest.
Essentially, the SS trust fund has a big IOU in it, and nothing else.
Yup. I feel safe and secure about SS. How about you?