Sep

CBO: Social Security to Run Deficits In 2010-11

Remember this? The boos and hisses you hear came from Democrats who didn’t want to hear President Bush talk about how Social Security is going broke.

Fast forward to 2009. Hot Air obtained a copy of a new CBO report (which uses a pretty rosy scenario) predicting Social Security will start running deficits next year and will be in permanent deficit mode by 2016. Are the democrats going to boo and hiss at the CBO too?

The situation at Social Security is much worse than this administration and Democrats in Congress want to admit. They want to continue busting the deficit and creating new entitlements while the existing ones careen towards collapse. The new data shows that time has almost run out for reform. Seniors will still get their checks, but those will increasingly rely on injections from the general fund and not revenues from Social Security payments. At this point, one has to wonder when SSA becomes a flat-out Ponzi scheme, and who the suckers will be when it blows up.

Sorry kids!

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