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03-29-2010, 12:25 AM
The Social Security system this year will pay out more in benefits than it receives in payroll taxes, The New York Times reports, quoting the Congressional Budget Office. The newspaper quotes Stephen Goss, chief actuary of the Social Security Administration, as saying payments have risen more than expected during the recession because jobs disappeared and people applied for benefits sooner than they had planned. At the same time, he says, there are fewer paychecks to tax.
For more information:
http://content.usatoday.com/communities/ondeadline/post/2010/03/social-security-to-pay-more-in-benefits-this-year-than-it-takes-in/1
For more information:
http://content.usatoday.com/communities/ondeadline/post/2010/03/social-security-to-pay-more-in-benefits-this-year-than-it-takes-in/1