Social Security surplus to be gone by 2013

August 13th, 2012 - 6:06 pm ICT by Aishwarya Bhatt  

Washington DC, Aug 13 (THAINDIAN NEWS) Social Security is a project that has a lot of benefits to the babies and most of them have availed the benefits that come along with the application. This project of the Social Security, which incurred $2.7 trillion is now starting to look small on the face of the future.

Three decades ago the Social security has been giving more benefits to the collection of more taxes than in paying retirees, spouses, children and disabled workers. But since 2010, the Social Security has been doing the vice verse in paying more benefits than in the collection of the taxes. According to one of the trustees of the Social Security, if the Congress does not take action the surplus funds would have gone by the time 2033 reaches.

The officials say that they should look on the more corrective measures that would prevent critical conditions. It is essential to avoid the cut of benefit to the retired people and that is why the lawmakers want to avoid such incidents claiming that they would be going back to two decades before. The project will cost a lot as confirmed by the trustees saying that by the time we reach 2086 the project will have nearly cost $7 trillion which is equated as today’s earning for everyone working today.

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