Because of lower than expected receipts during the recession, Social Security is now taking in about the same amount that it pays out.
Experts had said just one year ago that the receipts into Social Security would exceed pay outs until the year 2017.
Social Security has taken in more money than it paid out every year since its creation in 1935. In fact, the federal government has often swept up the excess receipts workers have paid into Social Security to pay other bills in the federal budget.
If social Security is suddenly operating at a loss or “in the red” we are at a worrisome point.
This lack of ability to accurately predict and budget in the federal government is troublesome in the extreme.
Just yesterday, the Congressional Budget Office updated its January economic predictions on debt and deficit and said that January number was now $600 billion too low.
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Latest News On Social Security, Medicare, Debt Show Inability of Government To Make Accurate Financial Predictions