Hey, I thought this wasn’t supposed to happen until… was it 2040? 2025? Years and years from now, for sure:
Social Security tax receipts for the first half of 2010: $346.9 billion; Social Security benefits payments for the same period: $347.3 billion. Before this year, projections have always been that Social Security wouldn’t cross that line into negative cash flow for five years or so. Now it’s a reality. Congress has been spending Social Security’s positive cash flow for years. Now there’s no positive cash flow to spend.
A year ago Social Security had a positive cash flow of about $31.7 billion. Now it’s $400M in the red. The economic policies of the current administration are making the problems worse, not better. The stimulus is a bust, the spending isn’t bringing us anything but closer to bankruptcy. We need new representation in Congress first, and then the White House. Five months, folks. We get a shot at starting to fix things in 5 months.