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March 25, 2010
Cue the theme from JAWS
This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.Stephen C. Goss, chief actuary of the Social Security Administration, said that while the Congressional projection would probably be borne out, the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual.
Yeah - you can always keep ahead of Ponzi/Madoff schemes for awhile - by distributing capital. But that's before Obamacare.
via Megan McArdle
Posted by CrankyProfessor at March 25, 2010 6:20 PM