Untrue - given current taxation rates, the projections are that 77% of current benefits could be paid from current revenues, on a pay as you go basis ...
I have to proceed very carefully, but there is a lot of wrong/incomplete information being posted on this thread - I advise you strongly to check SSA’s website for complete, correct information.
Thank you all for your opinions.
SS is supposed to begin deficit type spending in 2010.
http://www.dvanarelli.com/blog/?p=5272
“Social Security took in only $3 billion more in taxes last year than it paid out in benefits — a $60 billion decline from 2008, according to federal data. The impact of the recession is likely to hit the giant retirement system even harder this year and next. The Congressional Budget Office previously projected that Social Security would operate in the red in 2010 and 2011, but a deeper economic slump could make those losses larger than anticipated. “Things are a little bit worse than had been expected,” says Stephen Goss, chief actuary for the Social Security Administration. “Clearly, we’re going to be negative for a year or two.”
I milked, fed critters, moved hay, cleaned the milkroom, took down laundry, fed children, did some clean up, took care of the other critters, and am now working on the BonBons (i.e. cheese curds). After which I will care for the garden, yard work, HS and various other little things throughout the day.
Not anticipating any SS return, we invest in the 3 B’s - GAO reports or not.