The White House is still chasing its White Whale

Rightwingconspirator3/29/2013 11:25:31 am PDT

Love to see the authors reaction to this… From last August

FACT CHECK: Social Security adds to budget deficit

WASHINGTON — Now that Social Security is paying more in benefits than it collects in taxes, there is a fierce debate among politicians, academics and advocates about whether those shortfalls are adding to the federal budget deficit.

The issue is important because the federal government’s annual deficit already exceeds $1 trillion, making any more borrowing tough to swallow. If Social Security is adding to the government’s financial problems, it becomes even more urgent to fix it.

“Over 77 years and now through 13 recessions, Social Security has not added one penny to our deficit or our debt,” Rep. Xavier Becerra, D-Calif., said at a recent hearing by the House Ways and Means Social Security subcommittee. Becerra is the top Democrat on the panel.
Social Security is now spending a portion of the interest because it needs cash to cover monthly benefit payments.

This year Social Security is projected to pay $789 billion in benefits and administrative costs and collect $623 billion in payroll taxes and taxes on benefits, a shortfall of $166 billion.