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The release of the 2009 Social Security Trustees Report indicates that the current economic crisis has negatively impacted the Social Security budget. It's now projected that by 2016 Social Security spending will exceed revenues. According to the report, the financial condition of the Social Security program "remains challenging" and "need(s) to be addressed soon. " A look at the numbers shows us the severity of the Social Security budget problem.
Social Security is a "pay-as-you-go" system. This means that when you work, the government takes your money and gives it to Social Security recipients. As long as a lot of people die before collecting any benefits, or die without collecting many benefits, the system is financially sound. Let's look at the revenue side of things.
Few workers, however, understand the tax burden of the Social Security system. Currently, the Social Security Administration is running a budget surplus. What has happened to this surplus? Monicamemo.com. Each Spring, the Tax Foundation calculates how long we all have to work to cover government spending. This year, it's three days later than it was last year. According to its report, the Tax Foundation says that Tax Freedom Day falls 111 days into 2014, on April 21. By that day, Americans will have made enough to pay the $3 trillion in federal taxes and $1.5 trillion in state taxes — as the Daily Caller points out, that's more than what we will spend on food clothing and housing combined. “Tax Freedom Day is three days later than last year due mainly to the country’s continued slow economic recovery, which is expected to boost tax revenue especially from the corporate, payroll, and individual income tax,” authors Kyle Pomerleau and Lyman Stone write.
And if federal borrowing is included in the calculation, Tax Freedom Day would fall 15 days later on May 6. The group also found that residents of high tax states would see their Tax Freedom Day arrive later than residents of lower tax states. American Solutions.