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SOCIAL SECURITY LAW: CBO Warns on Social Security Funds Drain by 2037

January 26, 2011

Washington – The Social Security Trust Funds are in danger of being drained by 2037, this according to the findings of the Congressional Budget Office (CBO), which also showed that the US Social Security program will start running in deficit this year.

According to the CBO, the agency will run a deficit of $45 billion this year and could reach $547 billion in the next ten years.

The CBO reported that the Social Security Administration (SSA) is paying out billions of benefits while collecting fewer payroll taxes.

These continuous deficits will continue to strain the SSA’s funds until they are drained, approximately on 2037.

Lawmakers are being urged to create moves to support the Social Security’s retirement and disability programs, which have been largely responsible for the massive payouts by the agency.

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