Social Security Underfunded NOW!

Unless something is done, Social Security is projected to spend more money in benefits than it takes in this year. Until now, that was not projected to happen until 2016.
http://www.nytimes.com/2010/03/25/business/economy/25social.html?sudsredirect=true

This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.

Analysts have long tried to predict the year when Social Security would pay out more than it took in because they view it as a tipping point — the first step of a long, slow march to insolvency, unless Congress strengthens the program’s finances.

“When the level of the trust fund gets to zero, you have to cut benefits,” Alan Greenspan, architect of the plan to rescue the Social Security program the last time it got into trouble, in the early 1980s, said on Wednesday.

This is a big deal, people, and it's a VERY good example of why we definitely do NOT need to add on another entitlement program... like ObamaCare.


This could have a lot of repercussions in upcoming months and years.