Empty

Hello. This shouldn't be a big surprise...but Social Security is running out of money far faster than anyone guessed. And today it is making the headline news.

WASHINGTON (AP) — Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.

The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016

This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors' benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples — to $130 billion — when the new one-year cut in payroll taxes is included.

Congress has promised to replenish any lost revenue from the tax cut, but that's hardly good news, either, adding to the federal budget deficit. In another sobering estimate, the congressional office said government red ink this year will increase to $1.5 trillion, the most in U.S. history.

See it here; http://www.google.com/hostednews/ap/article/ALeqM5gAU2-jtPEDCH3pZrhjdQPpJUg1ww?docId=a9fb321a8efc41699a672b960d4096b4

That's actually pretty funny....Congress has promised to replenish any lost revenue. Where are they going to get the money to replenish it? Oh yeah....they are going to ask China for it....or better yet they are just going to print more little pieces of paper that they will desperately claim are really worth something....even though the entire world will soon realize that they are just little pieces of paper.

The system is empty.