Social Security to start cashing Uncle Sam's IOUs
In the March 14, 2010 article " Social Security to start cashing Uncle Sam's IOUs ," Associated Press writer Stephen Ohlemacher reports the Social Security system will pay out more in benefits than it collects in revenues this year. As baby-boomers increasingly shift from working and paying into the system to retiring and collecting benefits, this problem will exacerbate: PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration. It's time to start cashing them in. For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year. Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29...