Why is there so much concern over the future of the Social Security system?
Since its inception, taxes from current workers have exceeded the benefits paid out to retired and disabled workers, as well as their survivors and eligible dependents. However, by 2013, benefits paid out are projected to begin exceeding Social Security tax income, with the balance made up from the federal government’s general budget (as it begins paying back money borrowed from the Social Security trust fund during the many years that it ran a surplus). By 2032, the trust fund surplus is expected to be exhausted as the deficit between taxes paid and benefit costs reaches its peak.
