Social Security finances dwarfed by future deficit
SECOND IN A SERIES: Few issues touch as many people in the United States as does Social Security. In a four-part series continuing through August, The Associated Press examines the changing dynamics of the government retirement program and what it means for workers and present and future beneficiaries. This first story examines whether Social Security is still a good deal, and for whom.
As millions of baby boomers flood Social Security with applications for benefits, the program’s $2.7 trillion surplus is starting to look small.
For nearly three decades Social Security produced big surpluses, collecting more in taxes from workers than it paid in benefits to retirees, disabled workers, spouses and children. The surpluses also helped mask the size of the budget deficit being generated by the rest of the federal government.