Socialist Security is finally going in the red after 70 years of hot Ponzi scheme action.
Those who got in at the begining made out like bandits, while the government sucked down the excess like Bernie Madoff on a cocaine binge. The system was doomed the day the government began its Ponzi actions of looting the “surplus” from the trust fund. Now the time is coming to pay the piper. Like the rest of our Ponzi monetary system, socialist security is insolvent. It will crush the average working man like a 2 ton truck.
Fortune on CNN reports:
Don’t look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of helping to finance the rest of the government, as it has done for decades, our nation’s biggest social program needs help from the Treasury to keep benefit checks from bouncing — in other words, a taxpayer bailout.
he first number is $120 billion, the interest that Social Security will earn on its trust fund in fiscal 2010 (see page 74 of the CBO report). The second is $92 billion, the overall Social Security surplus for fiscal 2010 (see page 116).
This means that without the interest income, Social Security will be $28 billion in the hole this fiscal year, which ends Sept. 30.