Income tax developments. This page provides generalized information and may not apply to you and should not be acted upon without specific professional advice. You should consult your tax adviser if you have any questions.
Tuesday, April 24, 2012
Poor economy worsens Social Security's finances
Government: Poor economy, high energy prices, shorten life of Social Security fund by 3 years
WASHINGTON (AP) -- High energy prices and an economy that has been slow to rebound are worsening Social Security's finances, shortening the life of the trust funds that support program by three years, the government said Monday.
Those trust funds will now run dry in 2033, according to a report issued by the trustees that oversee the massive retirement and disability program.
Medicare's hospital insurance fund is projected to run out of money in 2024, which is unchanged from last year. The trustees, however, said Medicare spending continues to rise.