The U.S. Treasury has needed to borrow money to pay Social Security benefits in 15 out of the last 25 months on record because the Social Security system was in deficit in those months, with the cost of monthly benefit payments exceeding the Social Security tax revenues flowing into the Old Age, Survivors and Disability Insurance trust funds, according to data published by the Social Security Administration.
Because the overall federal budget was in deficit during this entire period, the surplus revenues Social Security earned in the remaining 10 months of the last 25 was used during those months to pay ongoing general government expenses and was not saved to pay future Social Security benefits.
The government gave the Social Security trust funds IOUs for this money.
we're in trouble D:
ReplyDeleteWe are so screwed
ReplyDeleteoh geez
ReplyDeleteyup. we're boned. This is sadly not news to me.
ReplyDeletedayum that sucks.
ReplyDeleteoh my god... where are we headed?
ReplyDeletedammit, we're screwed
ReplyDeletethat sucks man...at all
ReplyDeleteall the bad news make me want to ignore the situation, which is of course counterproductive in some way :(
ReplyDeleteThat's not a good thing... :\
ReplyDeleteSo it's just a matter of time until the stock market crashes again?
ReplyDeletethat sure sucks :/
ReplyDeletewell, its bad news thats for sure... and you no what the best way to forget bad news is?
ReplyDeleteyes you got it, sit down and do some good old philosophical musings, oh whats that? there isnt a blog for that? think again ;)
http://hspoors.blogspot.com/ :DDD
ehm... qué?
ReplyDeletewe are fucked up
ReplyDeleteThat's so messed up. Guess we'll be working till death for real now.
ReplyDeleteHehe, yeah, 'cause there is no "lock box"!
ReplyDeleteI agree entirely.
ReplyDeleteUh oh ^ This is not great bro
ReplyDelete:( unfortunate state we are in
ReplyDelete