[Doe Eyes]

I agree that we are at the edge of what we can borrow without completely collapsing the system.

According to the 2010 Trustees report, the Social Security trust funds will have an annual surplus of $77 billion in 2010.

[dirtboy]

According to news reports, the system was in the red in 2010.

[DManA]

There was a deficit this year. Probably next year too. Then they expect a surplus for a while. Then, the deluge.

[kabar]

2010 Trustees Report--"Social Security expenditures are expected to exceed tax receipts this year for the first time since 1983. The projected deficit of $41 billion this year (excluding interest income) is attributable to the recession and to an expected $25 billion downward adjustment to 2010 income that corrects for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink substantially for 2011 and to return to small surpluses for years 2012-2014 due to the improving economy. After 2014 deficits are expected to grow rapidly as the baby boom generation’s retirement causes the number of beneficiaries to grow substantially more rapidly than the number of covered workers. The annual deficits will be made up by redeeming trust fund assets in amounts less than interest earnings through 2024, and then by redeeming trust fund assets until reserves are exhausted in 2037, at which point tax income would be sufficient to pay about 75 percent of scheduled benefits through 2084. The projected exhaustion date for the combined OASI and DI Trust Funds is unchanged from last year’s report.