Social Security goes bankrupt
by OffSite (5/18/09)
Last week a new government report was released warning of the deteriorating financial condition of the nation’s two largest social safety nets: Social Security and Medicare. Thanks to the deepening global economic crisis, these two entitlement time bombs are now set to explode even sooner than originally predicted.
In my latest book, “Bankruptcy of Our Nation,” I detail the challenges facing America due to our failing entitlement programs. As of last year, the federal government projected that by 2017, Social Security would begin paying out more in benefits than it generates in revenues. Last week’s report shifts this date back one year, to 2016. Even more startling is the report’s finding that the Social Security trust fund itself will be entirely depleted by 2037. This is four years earlier than the last year’s projected depletion date of 2041. Full Piece
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