In the year 2011:
According to the Washington Post:
"the [budget] crunch actually begins much sooner than that -- in 2011, when Social Security's cash flow turns negative, because of the first wave of baby-boom retirements."
As Dean Baker
, and people in the comments section, point out, that 2011 figure it totally bogus:
2011? Hmmm - that's a number Don Luskin once used. It's when the Soc. Sec. surplus peaks. Yes - when the 2nd derivative of the amount in the Soc. Sec. Trust Fund hits zero, then we're bankrupt! What a hoot!
In non-calculus terms:
Ths Social Security surplus will continue up until 2017*. The amount of that surplus varies from year-to-year, with the peak annual-surplus occuring in 2011. From 2012 to 2017, there will still be more SS tax money coming in than being spent.
* 2017 is the break-even point of SS taxes
vs. SS outlays, but there is additional income from interest on the bonds, which means that input = output takes place a couple of years later.
I think this is the second time I remember the second derivative being used in politics. The first was "the rate at which inflation is increasing has peaked" or some such thing, but I forget who & where. =/