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Truth about Social Security

ricksfolly

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Google Social Security - Just facts

* The Social Security program has an independent budget that is separate from the rest of the federal government.[71]

* Since 1982, Social Security has had surpluses ranging from $89 million to $190 billion per year.[72] By law, these surpluses must be loaned to the federal government, which is obligated to pay the money back with interest.[73] [74] [75] This is referred to as the "Social Security Trust Fund" and at the close of 2007 it had a balance of $2.2 trillion.[76]

* Social Security is projected to continue having annual surpluses until 2017 [77] [78] at which point the federal government will owe $3.5 trillion to the Social Security program, or $10,400 for every man, woman and child living in the U.S. at the time.[79] [80]

* In 2017, the Social Security program is projected to start having annual deficits that will be covered by collecting on the money it has loaned to the federal government. By 2041, it is projected that all of this money will be paid back and the trust fund will be exhausted.[81]

NOTE: The above fact does not mean that the federal government will have enough money to pay back the Social Security program. Information concerning the ability of the federal government to do so is contained in the section: Impact on National Debt

* After 2041, Social Security is projected to have deficits every year into the foreseeable future.[82] To cover these shortfalls, it is projected that payroll taxes would need to be increased by 28% starting in 2041, rising to a 34% increase by 2082.[83] This shortfall could also be covered by reducing benefits by 21% starting in 2041, falling to a 24% reduction by 2082.[84]


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