March 15, 2010
Social Security is going to start paying out more in benefits this year than it’s collecting in taxes — close to $29 billion more.
- A d v e r t i s e m e n t
It will be Social Security’s first deficit since it was over-hauled under former President Ronald Reagan in the 1980s. Since then, the program has been taking in more money than it has been spending.
The problem is that the government has not been saving that extra money, it has been spending it.
“This is not just a wake-up call, this is it. We’re here,” said Mary Johnson, a policy analyst with the Senior Citizens League, an advocacy group. “We are not going to be able to put it off any more.”