Friday, January 28, 2011

Hey, Social Security Ain't Gonna Be There For You!

Yesterday's report indicates Social Security will pay out $45 billion more in benefits this year than it will collect in taxes.With no changes to the program, CBO says Social Security will now run permanent deficits… and will drain all the Social Security trust funds by 2037.You may recall during much of 2010, we projected Social Security would go into the red on Sept. 30, 2010… the end of the federal fiscal year. Of course, the reality is worse than even the CBO admits because Congress already spent all the “trust fund” money, leaving IOUs in its place.

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