WASHINGTON (AP) — Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.
The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016
This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors' benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples — to $130 billion — when the new one-year cut in payroll taxes is included.
Congress has promised to replenish any lost revenue from the tax cut, but that's hardly good news, either, adding to the federal budget deficit. In another sobering estimate, the congressional office said government red ink this year will increase to $1.5 trillion, the most in U.S. history.
More than 54 million Americans receive Social Security benefits, averaging $1,076 per month.
The outlook for the program has grown more sour as the nation has struggled to recover from the worst economic crisis since Social Security was enacted, during the Great Depression. In the short term, Social Security is suffering from the weak economy that has payroll taxes lagging and applications for benefits rising. In the long term, Social Security will be strained by the growing number of baby boomers retiring and applying for benefits.
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Wednesday, January 26, 2011
Russian Airport Bombing
Russian President Dmitry Medvedev has sacked several officials after blaming the Domodedovo airport bombing on poor security.
He said those who did not work properly should be punished.
Moscow is holding a day of mourning for the victims of Monday's apparent suicide attack in which 35 people died.
TV channels and radio stations suspended entertainment programmes, while mourning services are being held in the capital's churches.
Russia's emergency ministry has now published a preliminary list of all those who died. Another 116 people were wounded in the blast.
In comments carried on Russian television on Wednesday, Mr Medvedev said: "All the officials responsible for organising the process must be brought to their senses."
read more here
He said those who did not work properly should be punished.
Moscow is holding a day of mourning for the victims of Monday's apparent suicide attack in which 35 people died.
TV channels and radio stations suspended entertainment programmes, while mourning services are being held in the capital's churches.
Russia's emergency ministry has now published a preliminary list of all those who died. Another 116 people were wounded in the blast.
In comments carried on Russian television on Wednesday, Mr Medvedev said: "All the officials responsible for organising the process must be brought to their senses."
read more here
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