Each year the trustees of the Social Security/Medicare trusts are required to report on the status of the trust funds. Last month, having included the effects of the recession in their projections, they released a new report. The news is not good.
Last year’s analysis projected that Social Security would begin paying out more in benefits than it would collect in taxes in 2017. This year’s report from the Trustees of the Social Security and Medicare trust funds concludes that given the levels of unemployment now included in their model, we’ll reach that point a year earlier, in 2016. David …Read More