Thursday, August 05, 2010

Social Security reports on its own financial health today: permanent tilt in 2015

The Social Security Board of Trustees issued its annual report on the “financial health” of the Social Security Trust Fund, today, August 5, 2010, link here for the official "Press Release".

The Trust Fund would be exhausted in 2037, no change from before. Program costs will exceed revenues in 2010 and 2011, be better than revenues from 2012 to 2014, and then permanently exceed tax revenues.

CNN had a discussion of Social Security today, including Boehner’s proposal. But CNN mainly focused on increasing the taxable wage base and gradually recovering the retirement age, and did not mention means testing.

Annalyn Censky has a report for CNN, here , saying that it’s official, social security is reaching it’s tipping point this year. But really, that’s 2015 as far as a permanent “Pisa tower lean”.

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