It's news to only the stupidest of Americans that politicians have been lying to us for decades about social security. The nonpartisan congressional budget office announced today that the SS deficit starts this year, not 5 years down the road like we've been told......
From CBSNews -- (AP) Social Security's finances are getting worse as the economy struggles to recover and millions of baby boomers stand at the brink of retirement.
New congressional projections show Social Security running deficits every year until its trust funds are eventually drained in about 2037.
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, the nonpartisan Congressional Budget Office said Wednesday.
I got my annual SS statement last weekend that projects what I would be getting each month at various points in retirement, more if I delay retiring and less if I retire at 59 or whatever. I had to chuckle at the lie that was staring me right in the face. If I decide to retire at 65, I am promised something like $3,000 a month in SS benefits. But that's 17 years away. Is there anybody dumb enough to think that if SS is sinking fast this year that there will be anything left when I get there? The year of complete insolvency for SS is projected to be 2037 but with baby-boom voters retiring with massive senses of entitlement to all that money and the implied threat to kick anybody out of office who dares suggest a cut in benefits, there won't be anything for me when I get there. Heaven help my kids...it'll be even worse for them.