December 17, 2009
by Charles Blahous
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In the wake of a crushing recession, with sharp declines in employment and government revenues, Social Security is much closer to going into the red than earlier projections had estimated. Last spring, the Social Security trustees reported that more than 75% of the program’s previously projected near-term surplus had vanished. In September, the Congressional Budget Office offered an even more sobering prediction: Social Security will begin running deficits in 2010, and by 2019 will face annual shortfalls in the neighborhood of $60 billion, which will have to be made up out of general revenue. . . .
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Charles Blahous is a Hudson Institute senior fellow.
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