News Now September 1st 2001
Experts on the US Economy and budget have announced that the surplus of funds that the government has accumulated will soon be gone. American taxpayers have been been able to sustain a very high level of income for the US government, but the funds are now 45% less than in May 2001. The surplus is being further drained by Bush’s federal tax refunds to Americans.
Experts are now saying that some of the surplus should be applied to Social Security, however there are no plans for the funds to be used in this manner. Social Security is expected to be completed depleted within the next 12 years. Unfortunately, the Bush administration has not found reasonable evidence to support the conclusion that Social Security is in a crisis at this time.
While Congress is looking for areas in which they can cut the budget, financial experts are not hopeful that Congress will find enough to keep the government operational for the next 11 years.