The Committee for a Responsible Federal Deficit writes August 6, 2010:

This paper will focus on the Social Security Trustees report and projections, and options for reform. Next week, we will release an analysis of the Medicare report. CRFB will also be publishing a Social Security blog series on The Bottom Line over the coming week (which can be found at http://crfb.org/category/blog-issue-areas/social-security-blog-series) leading up to Social Security's 75th anniversary on August 14th.

Social Security Projections

According to the Trustees report, Social Security will run a cash flow deficit of $41 billion (0.3 percent of GDP) this year, will return to small surpluses in 2012-2014 of a few billion dollars a year, and then will begin running increasing deficits from 2015 onward. By 2020, the system will run a cash flow deficit of over $100 billion (0.4 percent of GDP) and by 2030 it will have a shortfall of nearly $460 billion (1.2 percent of GDP).

In the short-term, the health of the Social Security program deteriorated compared to last year's estimates, due to worse economic conditions.  Over the longer-term, it improved somewhat, due to the effects of higher tax revenues resulting from more compensation in the form of cash wages as opposed to heath care benefits, resulting from health care reform.

Read more: http://crfb.org/document/analysis-2010-social-security-trustees-report