Can you say "Social Security fund deficit"? Now, what about birth control or lack thereof? When you put those two things together, you get the Congressional Budget Office's latest information about a looming Social Security crisis. The CBO is reporting that the Social Security system will run deficits every year until it has no money. The struggling economy and baby boomer retirements are to blame.
This year alone, Social Security is projected to collect $45 billion less in payroll taxes than it pays out in retirement, disability and survivor benefits, says the CBO. That figure balloons to $130 billion when a new one-year cut in payroll taxes is included, though Congress has promised to repay any lost revenue from the tax cut. That's the least they could do. Although this country has been on track for decades to deplete the Social Security Trust Funds, hearing this right after hearing about the $1.5 trillion deficit is disconcerting, to say the least.
Read more at the Los Angeles Times.
In other news: Nelson Mandela Hospitalized.