Social Security funding hits a pothole

09/28/2009 | National Public Radio

For the first time since the 1980s, Social Security will have to pay out more in benefits than it will take in. The program is projected to run a $10 billion deficit in 2010 and a $9 billion deficit in 2011, but the funding gap will not affect payments to beneficiaries because the program has run a surplus in the past. Increases in benefit applications during the recession have caused the deficits: Applications for retirement benefits have jumped 23% from the previous year, with disability claims up about 20%.

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