The good news is, I’ll probably outlive Social Security. The bad news is…
Just the other day, I noted this CNN Money double-handful of rainbows and unicorns telling us not to worry our pretty little heads over Social Security:
QUESTION 1: Can I count on Social Security to be there?
You can. Despite what you may hear about the system going broke, the funds from workers’ payroll taxes will cover all retirees’ payments until 2016 even if no changes are made to the current program. After that the Social Security Administration can cover full benefits until 2037 by cashing in its Treasury bonds from the Social Security trust fund.
As someone who will hit retirement age in 2036, I found this unsatisfying.
Now, via Ed Morrissey:
…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.
Maybe that’s two ways of saying the same thing, but the CNN Money article left out the part about deficits starting next year. Seems like a big deal.
Lots of charts and numbers and stuff at the link. And fellow Blogosphere’o'Cheeser Stevegg makes an appearance in an update!
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There’s a reason why CNN didn’t mention that little detail; it took Ed to wrangle it out of the Congressional Budget Office.
What CNN also didn’t tell you is that the amount set aside to pay either the “interest” or the “principal” of the Social Security “Trust Fund” is exactly $0.00.