Tuesday, September 22, 2009

SocSec? Fuggedaboutit!

Oh, yah. GWBush tried (not too hard, not too successfully) to ring the bell here, but the (D) Congress wouldn't have any of it.

Now they have ALL of it.

...Democrats scoffed and claimed the Social Security system was solid and wouldn’t have problems for at least 50 years, as Harry Reid told PBS’ Jim Lehrer in June 2005. Just last year, the CBO — under the direction of Peter Orszag, now budget director in the Obama administration — claimed that the first cash deficits in Social Security would not come until 2019.

Now, however, the CBO has determined that Social Security will run cash deficits next year and in 2011, and by 2016 will be more or less in permanent deficit mode. Hot Air has exclusively obtained the summer 2009 CBO report sent to legislators on Capitol Hill but not yet made public, which shows that outgo will exceed income for the first time since the 1983 fix on an annual basis in 2010.

In about 10 days, there will be a hue and cry about increasing SS taxes and/or and cutting off benefits for inviduals who are "rich."

There will be not a soupcon of discussion about cutting Gummint spending.


Billiam said...

Can you say Bankrupt, USA? Not just SS, but the country as a whole.

krshorewood said...

Glad it finally took a priest to get it across to you dad.

Dan said...

Oh, right, KR, and you have been out front on Social Security and the country going bankraupt.