The Ugly Truth Of Social Security

BRUCEKRASTING.COM December 3, 2012 By: Bruce Krasting Social Security (SS) has released its estimates for the December data for benefits payed and taxes received. With this info, I can estimate the 2012 results that will be formally reported in five-months. It was a ho-hummer of a year for SS, it tread water vigorously, and ended up with a cash deficit of $46.7B, just a tad more red ink that 2011's $45.6B. The pieces of the pie, and YoY comps: Payroll tax receipts: $712.7B (+6.5%) (Includes payment from Treasury Re the 2% tax cut) Income from Tax on Benefits $27.1B (+15%) !! (Means test) Total Cash Receipts $739.8 (+7.0%) Benefit Payments $780B (+6.9%) (Includes RR interchange) Overhead $6.7B (+4.7%) Total cash Outlay $786B (6.8%) Net cash flow loss $46.7B (+2.4%) Interest income $111.4B (-1.7%) (non-cash) Accounting surplus $64.7B (-2.5%) (Paper minus cash) Number of Beneficiaries ...