Don't look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of helping to finance the rest of the government, as it has done for decades, our nation's biggest social program needs help from the Treasury to keep benefit checks from bouncing -- in other words, a taxpayer bailout.
No one has officially announced that Social Security will be cash-negative this year. But you can figure it out for yourself, as I did, by comparing two numbers in the recent federal budget update that the nonpartisan CBO issued last week.
The first number is $120 billion, the interest that Social Security will earn on its trust fund in fiscal 2010 (see page 74 of the CBO report). The second is $92 billion, the overall Social Security surplus for fiscal 2010 (see page 116).
This means that without the interest income, Social Security will be $28 billion in the hole this fiscal year, which ends Sept. 30.
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Everything is coming to a head, either quickly or slowly, it is all starting to unwind and we can't stop it. We knew Social Security would eventually run out and not be there for us in the future. On this we can not blame the "evil bankers" and the freemasons, etc. It is jut a fact of life of the over-bloated system that is the United State of Dumberica. Raise a glass tonight and toast to the excess coming back to hit us in the ass.
ReplyDeleteThe Vatican has not approved this message.
ReplyDeleteThis is another example of Crap vomiting.
ReplyDeleteI think most people know by now that social security won't be there for them. Hell, the USA won't be there for them. It won't exist.
ReplyDeleteThe deer and antelope are going to re-take this land. You will see them prancing through plazas over-grown with weeds. Abandoned buildings with broken windows will house families of racoons instead of people. Wally world will be infested with crocodiles and ant-eaters, while a framed picture of Laura Bush falls, smashing to the ground off a wall of nowhere-particular-anymore. It sort of makes my heart content to know this and also sad.
ReplyDeleteHard to believe any gov't numbers. Today the gov reported that we lost another 20,000 more jobs in Jan, but somehow the unemployment rate FALLS to 9.7%. Wonder when the adjustment of the birth/death model error shows another 800,000+ lost jobs through Mar,2009, the unemployment rate will probably fall to 6.0%. What a bunch of crap, false reporting and total gov fraud. Talk about manipulation - it's so in the open that I guess people think it couldn't be fraud. Geez, we as a nation are screwed when the gov lies about everything under the sun.
ReplyDeleteWorthless landscape eaters? That's the kind of attitude of a suburbanite who values artificial mall landscapes over real nature. You just stated that it would feed your family. I think that is a pretty useful thing. Apart from that, you ought to respect wildlife, because it supports you. Americans are in trouble because if it doesn't have a colorful label and clever marketing gimmickry attached they won't eat it.
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