As Baby Boomers start retiring the amount of taxes being collected to supply Social Security will demise. Instead of borrowing money from foreign creditors to fund government projects, the federal government tapped into Social Security and had the Treasury Department issue IOUs.
“More than 52 million people receive old age or disability benefits from Social Security. The average benefit for retirees is a little under $1,200 a month. Disabled workers get an average of $1,100 a month.”
“The recession is making things worse, at least in the short term. Tax receipts are down from the loss of more than 8 million jobs, and applications for early retirement benefits have spiked from older workers who were laid off and forced to retire.”
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Read about it more here: Yahoo News!
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