Long Slide Into The Red
By Bruce Krasting
The full year results for the SS Trust Fund can now be estimated fairly accurately from preliminary numbers. There is still an unknown. The amount of the 4th Q negative adjustment for overstating prior years income has not been made public. My numbers for 2010 (both operating and pro forma the adjustment):
Operating Results (excludes restatements in Billions):
Payroll tax receipts: 655
Tax on benefits: 24
Interest Income: 118
Total In: 797
Benefits Paid: 702
RR Interchange: 4
Overhead: 7
Total Out: 713
Net 2010 Surplus: 84
Net 2010 Cash Position (surplus minus interest): -34