WASHINGTON - The recession and droves of retiring baby boomers will force Social Security to pay out more than it takes in for this year for the first time ever.
The tipping point has come six years sooner than was projected in 2009, Treasury Secretary Tim Geithner said Thursday, as he released annual trustees' reports on the fiscal health of Social Security and Medicare.
Geithner said Medicare's financal outlook has dramatically improved since the passage of health care reform earlier this year.
Medicare will remain in the black until 2029 under its current structure, mainly because of cost cutting-measures included in the health care legislation, the trustees reported. The program serves 46 million retirees and people with disabilities.
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