Social Security moved from annual surpluses to annual deficits in 2010
July 28, 2014
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According to the latest government estimates, Social Security has begun a period of permanent cash-flow deficits, paying out more in annual benefits than it brings in through taxes. Absent reform, Social Security will run out of authority to pay full scheduled benefits after 2033. At that time, projections by the Social Security actuary indicate that benefits will have to be cut by about 23 percent if laws are not changed. Such large cuts could be reduced if policymakers took action in advance by phasing in modest tax increases, benefit cuts, or both.

For more information, read "Social Security Faces Major Financial Challenges."

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