This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.
...Analysts have long tried to predict the year when Social Security would pay out more than it took in because they view it as a tipping point — the first step of a long, slow march to insolvency, unless Congress strengthens the program’s finances...
The Social Security "Trust Fund" contains nothing but trillions in worthless IOUs. In other words, Congress stole all of the money out of the "lock box" and replaced the cash with paper. It's similar to the approach Argentina used before hyperinflation exploded.
All of the trillions of dollars that baby boomers paid in to the "trust fund" was stolen. If the U.S. government was a private enterprise, Congress would be serving time with Bernie Madoff.
And the big wave of baby boomers hasn't even hit yet.
So what do Democrats do? How do these brilliant architects of Social Security and Medicare react? Do they try to fix the system that's already $100 trillion under water and threatens to bankrupt future generations?
No. They create a brand new entitlement program -- nationalizing the health care system -- using every accounting gimmick and sleazy payoff ever invented.
That, my friends, is beyond reprehensible. It is child abuse -- breaking the backs of subsequent American generations with deficits they never asked for and never approved.
Linked by: Michelle Malkin. Thanks!