Outlays will exceed tax revenues for the first time since 1983 in 2010, say the Social Security trustees. A $41 bln deficit is expected this year and a smaller deficit is seen next year, after which a return to economic growth is expected to boost revenues. Deficits are expected to grow after 2014 as the baby boom generation retires. The fund will run out of money completely in 2037 if no changes are made.
One more factor helping balloon the US budget deficit. No doubt, the program will be made solvent overtime by raising taxes and raising the retirement age, a painful combination…
