Uh Oh! Social Security Will Have Deficit Next Year
Posted on September 22, 2009
Who would have thunk? Umm….well I think I remember George Bush trying his best to get some reform and sounding the warnings on how the entitlement program of social security would be going under soon, and Democrats scoffed. Filled with a partisan agenda they gambled the grandchildren’s money.
Just last year, the CBO — under the direction of Peter Orszag, now budget director in the Obama administration — claimed that the first cash deficits in Social Security would not come until 2019.
Now, however, the CBO has determined that Social Security will run cash deficits next year and in 2011, and by 2016 will be more or less in permanent deficit mode. Hot Air has exclusively obtained the summer 2009 CBO report sent to legislators on Capitol Hill but not yet made public, which shows that outgo will exceed income for the first time since the 1983 fix on an annual basis in 2010:
Hot Air has exclusive numbers sent to legislators.
Who would’ve thought the government can’t take care of you? Socialism fails. Unfortunately America is going to learn this the hard way. Perhaps they’ll try to take over 401Ks next. Or maybe Obama will try to fix this by raising taxes. In the meantime money will continue to be deducted from your paycheck without much hope of a return.
» Filed Under Barack Obama, Congress, Democrats, Economy, Government corruption, Government malfeasance/misfeasance, House, News, Senate, Socialism, Taxes
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Wish I could remember who said it, “Socialism is great until it runs out of other peoples money”. The shoe fits and, unfortunately, we’re the ones wearing it.