beretta304
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According to Social Security's trustees, the program has operated in the red in each of the last two years.
Social Security will exhaust its so-called "trust fund" in 2033. But this "trust fund" is made up of IOU's that the Treasury has given to the Social Security Administration in exchange for money that the Treasury took historically from Social Security payroll tax revenues and spent other things than Social Security.
According to an April 2012 report from the Social Security and Medicare Board of Trustees, the program ran deficits in 2010 and 2011, and, in order to pay all Social Security benefits, the federal government needed to increase the federal debt by borrowing money in the market.
The trustees reported that, in its current state, Social Security will be in the red virtually in perpetuity.
Social Securitys expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period, the report said. Redemption of trust fund assets from the General Fund of the Treasury will provide the resources needed to offset the annual cash-flow deficits.
Jackson Lee:
Social Security will exhaust its so-called "trust fund" in 2033. But this "trust fund" is made up of IOU's that the Treasury has given to the Social Security Administration in exchange for money that the Treasury took historically from Social Security payroll tax revenues and spent other things than Social Security.
According to an April 2012 report from the Social Security and Medicare Board of Trustees, the program ran deficits in 2010 and 2011, and, in order to pay all Social Security benefits, the federal government needed to increase the federal debt by borrowing money in the market.
The trustees reported that, in its current state, Social Security will be in the red virtually in perpetuity.
Social Securitys expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period, the report said. Redemption of trust fund assets from the General Fund of the Treasury will provide the resources needed to offset the annual cash-flow deficits.
Jackson Lee: