In 2012 Social Security Was $47.8 Billion In The Red

Democrats like Harry Reid tell us there’s no problem with the funding of Social Security or Medicare. Unfortunately, as usual the facts tell a different story. In fiscal year 2012 Social Security was $47.8 billion in the red, or as the SSA describes it they had a “net cash flow deficit.”

The Social Security program ran a $47.8 billion deficit in fiscal 2012 as the program brought in $725.429 billion in cash and paid $773.247 for benefits and overhead expenses, according toofficial data published by Social Security Administration.

The Social Security Administration also released new data revealing that the number of workers collecting disability benefits hit a record 8,827,795 in December–up from 8,805,353 in November.

The overall number of Social Security program beneficiaries—including retired workers, dependent family members and survivors and disabled workers and their dependent family members—also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December. (Read More)

Worse yet, there are now only 1.67 full time workers for every Social Security recipient. But Democrats are resisting any suggestions of raising the retirement age or means testing the program. Instead they keep borrowing more money, and we’re going to hit the debt limit again on New Years Eve.

Update: Linked by Big Pulpit – thanks!