WASHINGTON, Feb. 8 (UPI) -- The U.S. recession has put a sooner-than-expected strain on Social Security, a key program administrator said.
Stephen Goss, chief actuary for the Social Security Administration, said program "clearly" would run in the red "for a year or two" as the recession has pushed many workers to retire early or to file for disability, USA Today reported Monday.
The program has built up a $2.5 trillion surplus since 198, but the recession wiped out millions of jobs and the income taxes that those jobs generate. In addition, raises and the taxes they generate were less than the government expected. Furthermore, the government has borrowed from the Social Security trust fund and needs to take action -- cut spending, borrow or raise taxes -- in order to pay it back.
With baby boomers close to retirement age, Social Security was projected to be self-sustaining until 2058. Now, however, the program is expected to need help by 2037.
"The moment of truth has arrived," said Rep Paul Ryan, R-Wis., a member of the House Budget Committee.
The program that had a surplus of $60 billion in 2009, took in a surplus only $3 billion in 2009. "This is a wake up call," Ryan said.
