IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Entitlement Crash: "Social Security: Not worried about the government's retirement program because there's still time to fix it? Think again. The system could be operating at a deficit as soon as next year.
Washington has been working under the assumption that Social Security would continue to produce surpluses through 2016. It would not be until 2017 when the system would begin to pay out more than it took in through payroll taxes.
New estimates from the Congressional Budget Office, however, indicate that the date could be moved up seven years.
Last year, the CBO projected that the system would generate an $86 billion surplus in the current fiscal year ending Sept. 30. That has been downgraded to $16 billion, due to the sluggish economy.
In the next fiscal year, beginning Oct. 1, that surplus could be as low as $3 billion, a whisker away, in Washington terms, from being a deficit."
So just tax more people and give persons in the country illegally social security who never paid into the system at all .. makes sense doesn't it?
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