Saturday, February 06, 2010

Less taxes now going to social security than spending on benefits

Mark your calendar: Social Security is now in the red:

NEW YORK (Fortune) -- Don't look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.

A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.

Read more here.

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