Word: surpluses
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...count the $17 billion in income taxes expected to be paid on Social Security benefits, the system will still manage to provide a slight surplus for federal coffers in fiscal 2009. But from 2010 through 2012, there are small projected deficits, and after heading back into the black from 2013 to 2015, the program will then become a growing drain on federal finances, projects...
...when Social Security last faced deficits, Congress approved a set of Social Security reforms that included a graduated hike in the payroll tax and an increase in the retirement age. Thanks to those changes, payroll-tax receipts surpassed benefits in 1985, and the system has been operating at a surplus ever since. The money has been invested in Treasury securities that the Social Security system is supposed to live off in the future. In the meantime, it has provided a significant boost to the federal bottom line for almost 25 years. No more...
...This is partly because officially, Social Security is still running a substantial surplus and will be throughout the next decade, according to the CBO. A key source of that surplus, though, is interest payments on federal debt held by the Social Security trust fund. It's money that Social Security has definitely earned, but it's coming out of the rest of the federal budget. Same goes for employer contributions to Social Security for federal employees, which also boost the program's bottom line but not the government...
...cross. "The bottom line is a question of trust," he said. "We are partners, and we want to be partners. We can only work together if we respect each other. There is no other way. Nothing else will work." Mullen agreed that the two allies should work toward a "surplus of trust," while Holbrooke said that "the United States and Pakistan face a common strategic threat, a common enemy and a common change, and therefore a common task...
...bottom line is that Harvard is a non-profit subsidized by taxpayers and we expect a higher level of responsibility from them,” Langley said. “The message they are sending to workers on the bottom of the food chain is that they are surplus and not central to the educational mission of the school.” —Staff writer Danella H. Debel can be reached at debel@fas.harvard.edu...