The Market Ticker – Here Comes Trouble: Three Problems:
The CBO’s annual Social Security Update is out, and it’s pretty ugly:
This is pretty ugly; we were not supposed to have a negative income-to-outlay view on Social Security for another decade or so.
Well, the recession fixed that. Tax receipts are in the toilet but outlays sure aren’t.
In case that graph isn’t clear: Social Security has been running a surplus. That surplus is about to turn into a deficit. So instead of SS revenues funding the general budget, SS is about to become a drain on the general budget. This is bad, bad news. Everyone knew this day was coming, but it’s coming much sooner than expected.
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IF you think that’s ugly, just wait until the checks start being unavailable for the sheep who were counting on social security checks alone for retirement funding.
I dare you to say the wobblies in Congress won’t bail them out. Ah, nevermind, you’d say it and then crack up laughing.
STILL no mention in the press about how Medicare/Medicaid is a much bigger problem than SS . . .
[rq=452003,0,blog][/rq]You Can’t Burn The Reichstag When There’s The Internet!