By Bruce Krasting (Guest Post)
In Washington, almost every report is late. The exception is Social Security. They have their numbers for September posted as of today. The folks in D.C. run their clocks on a fiscal year that ends in September. The following are the results and YoY comparisons for fiscal 2010 and 2011 for SS. Both the top line revenue and benefit expenses rose over the year. It’s not surprising to see that the pace of payouts is continuing to outstrip the rate of revenue growth. It should be noted that the $24.3b of increased payments is not a result of a COLA (inflation)…
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