Social Security Operating In The Red

By Scott Sarvay

August 6, 2010 Updated Aug 6, 2010 at 11:25 AM EST

WASHINGTON DC (Indiana's NewsCenter) - It's official, Social Security will reach a tipping point this year.

For the first time in three decades, the system this year and next will pay out more money than it gets in taxes.

But, Treasury Secretary Tim Geithner said health care reform has had a positive impact.

He noted Medicare will get another 12 years of financial health because of reforms enacted by Congress in March.

Geithner said the affordable care act also improves Social Security's finances

Geithner says, “If you look at the full scope of these reports, and you look at what CBO itself provided in terms of its analysis, if you look at the analysis presented by a wide range of independent economists and experts, these are very, very, very substantial improvements in the rate of growth in health care costs that make a very substantial improvement in our long term fiscal position.”

Geithner and other officials who oversee Social Security said the system may be back in the black in 2012, but it won't be long before it starts running red ink again.




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