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Job Losses, Early Retirements Hurt Social Security

As reported by The Associated Press both job losses and early retirements are hurting social security.  The deficits — $10 billion in 2010 and $9 billion in 2011 — won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion, but they will add to the overall federal deficit.  How did this happen?  The recession hit and many older workers, who would still like to be working, suddenly found themselves laid off with no place to turn but Social Security.  Read full article

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