Thursday, October 04, 2012
Social Security FICA tax collection "insufficient" for second straight year
Siobahn Hughes, in a brief story in the Wednesday Wall Street Journal, reports that, according to the Congressional Budget Office, the Social Security program paid out more to beneficiaries in 2011 than it took in with FICA taxes, for a second straight year.
Nevertheless, Social Security may be able to short a “profit” in 2011 if interest on special-issue US Treasury securities is included later.
The link is here.
The very brief story appeared in print on p/ A2 on October 3.
I don't know if these calculations are based on the federal fiscal year, which actually begins October 1 of the previous year.