Social Security, . . . . The beginning of the end

[cobra de capell]

Why take the drama out? Actually, it's even worse than the title implies....given the Obama spending and policy programs that are now in place and on the table.



From a budget-busting perspective, last year where the US government had a $73 billion Social Security surplus to spend, this year it will be a paltry $16 billion and next year it will be a number indistinguishable from zero. It is hard to overstate the importance of this shift.

This means several things. Instead of $703 billion coming in over the next 10 years, the current (overly optimistic) projection calls for only $83 billion. This means at least another $620 billion in fresh borrowing will have to occur.

More importantly, this means that the United States eventual date with bankruptcy has been moved forward by about 8 years or so. It also means that instead of being some future problem, a few administrations down the road, it is a near certainty that the current administration will have to confront some very difficult funding decisions that will be forced by the inability to borrow enough to pay for everything.

http://www.businessinsider.com/henry...ty-bomb-2009-4

Computerworks - I hope being a mod here pays well or you will be somewhere in this line....your day job will vanish.....