In general, Social Security refers to public programs that provide income and services to people in the event of sickness, retirement, disability or unemployment. In the United States, the term Social Security refers to programs created in 1935 under the Social Security Act.
On May 12, 2009, Secretary of the Treasury Timothy Geithner announced that the United States' current recession has had an impact on the Social Security program. Officials now estimate that the Social Security trust fund will be exhausted as soon as 2037, which is four years earlier than what was estimated in 2008.CNN: Recession hits Social Security hard (May 12, 2009)
Programs
Social Security in the United States typically refers specifically to the Old-Age/Retirement, Survivors, and Disability Insurance program, which provides financial benefits for retirees and those with disabilities. Other programs include the Hospital Trust Fund and the Supplementary Medical Trust Fund.
References
Fast Facts
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Headquarters
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Commissioner
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Employees
62,000
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Fact:
Biggest expense of theFederal Government's budget
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Fact:
The Federal Government must start paying back what it owes the Social Security trust fund in 2017 to continue paying out benefits at 100%
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2008
Social Security will only be able to pay out an estimated 78% of benefits in 2041
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2009
Social Security will only be able to pay out an estimated 76% of benefits beginning in 2037CNN: Recession hits Social Security hard (May 12, 2009)
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Fact:
Social Security will be paying out more benefits than it is taking in in taxes by 2016CNN: Recession hits Social Security hard (May 12, 2009)
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2004
U.S. Social Security system paid out nearly $500 billion in benefits
