Tuesday, February 01, 2005

Social Security Adds 10 Years

Remember all that talk about the sky falling and Social Security going bust just around the corner in 2042? Well, it seems the crisis that isn't just keeps on getting less crisis like. Case in point, from the non-partisan Congressional Budget Office we get this news of impending doom:
WASHINGTON - The Social Security system will take in more money annually than it pays out in benefits until 2020, two years later than earlier estimated, the Congressional Budget Office reported Monday in a modest change unlikely to alter the growing political debate over the program.

Congress' budget analysts also estimated the program's trust funds will be depleted in 2052, "meaning that beneficiaries will be able to count on receiving only 78 percent of their scheduled benefits beginning then.

[...]

In both cases, the CBO estimates are more optimistic than the most recent projections made by the Social Security Board of Trustees. In the annual report it issued last March, the board said annual income would fall behind benefit payments beginning in 2018, and the trust funds would be empty in 2042.
What's that? Social Security is now going to take in more than it spends for two years longer, and be solvent for ten years longer than was thought? Wow. Now that's a crisis. Not.