Social Security Starts Running A Permanent Deficit This Year

Remember when Dubya tried to reform Social Security, and all sorts of career politicians of both parties screamed “noooooooo!” at the tops of their lungs?

Well, it’s come time to pay the piper.

Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.

The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016

This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors’ benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples – to $130 billion – when the new one-year cut in payroll taxes is included.

Congress has promised to replenish any lost revenue from the tax cut, but that’s hardly good news, either, adding to the federal budget deficit. In another sobering estimate, the congressional office said government red ink this year will increase to $1.5 trillion, the most in U.S. history.

We could have at least made a start at fixing this years ago, but dimwitted Congresscritters couldn’t see past their own pork barrels to even make a reasonable attempt at it.

This is how America falls… and yes, I know, lots of lefties will be cheering at that news.


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About Conservative Wanderer

Conservative Wanderer is currently Editor-in-Chief of That's Freedom You Hear! That means anything that goes wrong can be blamed on him. Previously he was a contributor to the PJ Tatler.

2 responses to “Social Security Starts Running A Permanent Deficit This Year”

  1. 49erDweet says :

    We need a different system in Congress. I’d say leave the Senate alone for now, as long as they have no authority to spend money or actually DO anything. Congresscritters, though, should only be allowed to be in session when the public has called them in to solve something. And then the only thing they are allowed to do is solve that one thing – or go home.

    The old saw, “Idle hands are the Devil’s playground,” is epitomized by the results we have of having full-time legislators with nothing to do 85% of the time. What could possible go wrong with that, I wonder?

  2. deliaangel says :

    This is truly freaking SCARY because the aging population may well outnumber the young/working and who-the-fark is going to foot the bill…Jesus with his fishes and loaves miracle? No, I don’t sphinct so! This is another typical socialist ponzi-scheme coming home to roost for the future generations. UGH. Just UGH!

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