In 2010 Social Security Will Pay Out More Than It Takes In

Photo by Adam Jones

While it will go back into the black for a few years, after 2015, it will stay in the red, according to the annual report by the trustees.

“The improving economy is expected to result in rough balance between Social Security taxes and expenditures for several years before the retirement of the baby boom generation swells the beneficiary population and causes deficits to grow rapidly,” Treasury Secretary Tim Geithner said.

The trustees report that the Social Security fund will be exhausted by 2037.

This year 53 million Americans received social security and 156 million Americans paid taxes to support it.

While Social Security’s future looks bleak, Medicare has gained another 12 years of predicted financial health.

“The outlook for Medicare has improved substantially because of” the changes in the law, said a summary of the report by the administration. “Nearly all” of the 12-year increase in Medicare’s longevity is attributed to the overhaul.”

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Posted by Karen Steele on Thursday, August 5th, 2010. Filed under Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry