Social Security Essay

675 words - 3 pages

In the past decades, Social Security Administration has had annual revenue that excesses the amount it pays to beneficiaries. However, U.S. economy situation has created a long-term effect in many of the public organizations and departments. Social Security Administration is one of many departments that will face some economy issues during U.S. economy recovery.
Social security will post nearly $600 billion in deficits over the next decade as the economy struggles to recover and millions of baby boomers stand at the brink of retirement, according to new congressional projections. The funds that Social Security has save to payout their beneficiaries have an expiration date. In the ...view middle of the document...

In a promised to pay off the surpluses Treasury department has issued bonds to Social Security, Guaranteeing payments with interest. If the situation gets worst for social security and asks federal government to pay off, there’s no way that social security will obtain the money because there’s no federal funds to pay off the debts to Social Security. This can cause delay payments to beneficiaries and future applicants.
Social Security will face deficit in the following years if congress do not take action to solve the future of the Social Security Administration. If federal government finds a solution to pay off social security, the money can run out by 2037 which is the date that many have projected, (Ohlemacher, 2011).
The funds that social security currently has will be able to last for the next four years, after funds run out Social security will enter into deficit and start pushing federal government for the money that has being invested into trust funds.
The U.S. economy is not at its best situation to...

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