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....
Social Security Fund Now Seen To Be Empty By 2037
By STEPHEN OHLEMACHER, Associated Press
Wed, 01/26/2011 - 11:54pm
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About 80 cents of each dollar you pay in Social Security taxes goes to the old-age insurance fund, the rest to disability. In 2023, those taxes — called FICA for people with wage-earning jobs and SECA for the self-employed — brought in more than $1.2 trillion, accounting for 91.3 percent of Social Security's revenue, according to the most ...
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