Cash flow goes into red permanently this year
Think again if you believe Social Security will offer you a secure retirement, Jerome Corsi's Red Alert warns.
Social Security is in the red for the first time since the program was overhauled in 1983, and one year earlier than originally projected.
After returning to black for a few years, the Social Security cash flow will go into the red permanently, starting this year, CNN reported.
"The improving economy is expected to result in rough balance between Social Security taxes and expenditures for several years before the retirement of the baby-boom generation swells the beneficiary population and causes deficits to grow rapidly," Treasury Secretary Geithner said, trying to explain Social Security's financial problems.
CNN further reported that with unemployment remaining at 9.5 percent, nearly 50 percent of baby boomers are taking a percentage of their Social Security benefits as early as age 62, largely because they are short of cash and cannot find jobs.
This year, Social Security is estimated to pay out some $29 billion more than is taken in.
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