Social Security payout to exceed revenue this year

The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security.

This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.

Stephen C. Goss, chief actuary of the Social Security Administration, said that while the Congressional projection would probably be borne out, the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual.

Full story: Social Security Payout to Exceed Revenue This Year – NYTimes.com

  • ncdirtdigger

    To quote Joe Biden, ” this is a big f-ing…”

  • sunshineconnie

    OHHHHHHHHH Gooodyyyyy Means Testing time! Now we can cut the payout of those who WORKED for 30 or 40 years and share it with those who worked part time for what was it 12 or 20 quarters??? SOCIAL IN-JUSTICE ONE MORE TIME

    Do not worry, we will survive but there will not be a progressive left once a few elections have passed. That is a promise from another person who is tired of the REPARATION game of PLANTATION POLITICS.

  • thephranc

    What was “The Iron Lady” said about socialism again?

    SS is just another failed socialist programme that is little more then a ponzi scheme.

  • loudog

    Neither party has the political will to raise the retirement age and current recipients have no interest in raising the age to keep the system solvent down the road. They got theirs, screw everyone else, the American way.

  • flips

    When Tea Baggers hold protests to burn their Social Security and Medicare cards in protest of “socialism” I will believe they are an honest movement.

    Until then, they are just talking smack.

    • godgnsguts

      Whenever you find “Tea Baggers” other then in your mirror, you might become relevant!