The Pending Collapse of Social Security – Today

by Sal on February 2, 2010

in Economy,Politics

Back in 2005, with President George W. Bush at a high point having just won re-election, he pushed Social Security reform as his top policy initiative.  That initiative ultimately failed, and cost him much of the political capital that he had gained from winning in 2004.  Besides the obvious points of not selling the solution properly, the danger itself just did not seem imminent.  It was supposed to be 2018 before Social Security started paying out more than it was taking in, thus turning it into a real crisis.

So Social Security fell off the radar, and remained off the radar through the financial collapse of 2008-09.  Yet now, the problem is at a head, and no one is talking about it.  You see, the CBO just released a report that shows that Social Security will be upside down this year – taking in less in payroll taxes than it has to pay out in benefits.  And because the so-called “Social Security Trust Fund” is nothing but a myth, Social Security each year will now exponentially grow the deficit.  Yet has anyone heard anything about our dear leader tackling this problem head-on?

I didn’t think so.

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