The System Is Running in the Red
The 75 million Americans who are depending on Social Security to help protect their future face a new and surprising fact. After running big surpluses for most of its 20 years, the Social Security system is running in the red. In the fiscal year just ended, payroll taxes fell short by $125 million of covering the benefits paid out to 10 million retired workers or dependents. The $600 million that the U.S. Treasury paid as interest on the $23 billion Social Security trust fund invested in federal bonds more than covered the deficit....
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