Thursday, August 05, 2010

Its Official, Social Security is broke this year

The slow financial train wreck that is Social Security has just left the tracks and will be derailed completely by 2015.  It will then be permanently in the red and will have to draw on the trust fund....but that will be difficult because the only thing in the trust fund is a bunch of government bonds. Welcome to the USA, a Country in perpetual bankruptcy.

For the first time in nearly 30 years, the system will pay out more benefits than it receives in payroll taxes both this year and next, the government officials who oversee Social Security said on Thursday.