Social Security to pay out more than it takes in for first time ever

[bijou]

WASHINGTON - The recession and droves of retiring baby boomers will force Social Security to pay out more than it takes in for this year for the first time ever.

The tipping point has come six years sooner than was projected in 2009, Treasury Secretary Tim Geithner said Thursday, as he released annual trustees' reports on the fiscal health of Social Security and Medicare.

Geithner said Medicare's financal outlook has dramatically improved since the passage of health care reform earlier this year.

Medicare will remain in the black until 2029 under its current structure, mainly because of cost cutting-measures included in the health care legislation, the trustees reported. The program serves 46 million retirees and people with disabilities.

Read more: http://www.nydailynews.com/news/politics/2010/08/06/2010-08-06_soc_sec_pay_now_goin_the_wrong_way.html#ixzz0w1zFVvS5

[JohnnyReb]

So, the pyramid scheme is finally beginning to collapse, huh.

[rich_t]

So, the pyramid scheme is finally beginning to collapse, huh.

It collapsed a long time ago.  They can no longer hide the fact though.

[thundley4]

Geithner said Medicare's financal outlook has dramatically improved since the passage of health care reform earlier this year.

This is nothing but BS, nothing has been done yet that would have affected MediCare.  The only way for this to be true, is if they were lying about how bad it was to start with.