When will the Social Security Administration be secure again?

Pundits and forecasters of doom and gloom are saying Social Security is going to run totally out of money for a while. For this year, they'll be right. The Social Security Administration will pay out more than it will collect. It's not the first time, either. The SSA was subject of a lot of turmoil within the 1980s. There is a trust fund that Social Security puts the additional money into, which is how they'll cover the loss.

Income far exceeds Social Security
According to the Los Angeles Times, the Social Security Administration will spend more than it will earn this year. The board of trustees for Social Security and Medicare have reported, as of August 5, that the tax income can be less than their due to shell out out by the end of 2010. Medicare, after the passage of the new health care reform bill, is expected to stay above water until 2029. Medicare had previously been estimated to lapse into critical condition by 2017. More incentives and regulations are expected to stave off Medicare's impending demise.

Social Security Trust Fund could be cracked
The Social Security Administration maintains a trust fund for itself. Tax income that's left over after expenditures goes into the trust fund. In case of a shortfall, that's what the fund is there for. The fund itself was created for exactly this purpose. According to the New York Times, the Social Security Trust Fund is not in danger of running out until 2037. The Social Security Administration will still be able to make 75 percent of its payments if the numbers are accurate, as outlined by the Social Security commissioner Michael Astrue.

Too many Paul's and too few Peters
The funding for Social Security is from tax revenue. If fewer individuals work, less cash comes to the equation. As individuals live longer lives, the amount that has to be paid out increases, and therefore so do the obligations the SSA has to meet. The budget deficit that Social Security will run by the end of the year won't affect anyone's benefits, though, as any shortfalls do have the trust fund to fall back on.

Further reading
nytimes.com/2010/08/06/us/politics/06benefits.html
latimes.com/news/nationworld/nation/wire/sc-dc-0806-social-security-20100805,0,6306255.story