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23 Sep 2009 @ 6:24 AM

Social Security Begins Going Bankrupt Next Year!!

Margaret Thatcher once said that the problem with socialism was that sooner or later, you run out of other people’s money.

Social Security is just about to run out of other people’s money:

Four years ago, George W. Bush attempted to reform the entitlement program Social Security, warning that the system was accelerating into collapse and would soon run deficits. 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.

Sounds like a great time to add a trillion-dollar health care entitlement to the Federal Budget, doesn’t it?

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