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The Social Security surplus reduces the amount of U.S. Treasury borrowing from the public, as the surplus funds may be used for other government purposes. The total balance of the trust funds was $2.4 trillion in 2008 and is estimated to reach $3.7 trillion by 2016.
The main Social Security trust fund will continue paying out full benefits through 2034. Social Security's surplus will last a little longer, new report predicts [Video] Skip to main content
The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion.
Dec. 3—News headlines say Maine has another "budget surplus." While it's true that the state has a flush bank account, it also has a stack of unpaid bills waiting in the mailbox. State officials ...
During testimony before the Congressional Joint Deficit Reduction Committee in September 2011, CBO Director Douglas Elmendorf counseled members of Congress to make decisions about the role of the federal government, then make policy choices to obtain the revenue necessary to fund those roles, to put the U.S. on a sustainable fiscal path.
The Great Britain NIF had a surplus of over £34 billion as at 2005/06, £38 billion in 2006/07 and the Government Actuary's Department forecast that this surplus would grow to over £114.7 billion by 2012. [5] This surplus figure was revised due to errors in assumptions by the GAD and was forecast to be just £30 billion by 2016.
Continued high unemployment levels also lowered the amount of Social Security tax that could be collected. These two developments were decreasing the Social Security Trust Fund reserves. [62] In 1982, projections indicated that the Social Security Trust Fund would run out of money by 1983, and there was talk of the system being unable to pay ...
1. Make a budget and see where you can start saving more money. To find ways to save, you first have to understand where and how you spend. Budgeting helps you distribute your income more ...