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Disaster-End of Social Security-pay out to exceed tax revenue to fund this year for first time
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Original Message
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Analysts have long tried to predict the year when Social Security would pay out more than it took in because they view it as a tipping point - the first step of a long, slow march to insolvency, unless Congress strengthens the program's finances.
"When the level of the trust fund gets to zero, you have to cut benefits," Alan Greenspan, architect of the plan to rescue the Social Security program the last time it got into trouble, in the early 1980s, said on Wednesday.
D-day: 2037
not no more.
Trouble is coming on very quickly
The problem, is that payments have risen more than expected during the downturn, because jobs disappeared and people applied for benefits sooner than they had planned. At the same time, the program's revenues have fallen sharply, because millions of jobs have disappeared, leaving fewer paychecks to tax.
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