Social Security going into the Red 7 years earlier than expected

The newest unfunded liability to hit the press is the Social Security.  The Trustees of Social Security Fund, in their annual report, have implied that the trust fund will turn cash flow negative around the year 2017. This doesn't mean they will be bankrupt and out of assets in 2017, just that they will start to pay out more in benefits than money they take in.

Well, scratch that 2017 date. The fund is now cash flow negative.  (See http://bit.ly/98bU1e). 
...for the first time in its history, this year the Social Security program is turning cashflow negative. Social Security “surpluses” were the source of the Clinton administration’s claim to have been running a balanced budget. Well, it was balanced…if you counted the excess Social Security contributions.

But now the Social Security system is running in the red, just like everything else. And now the government is in charge of our health too.

The US government was already more than $50 trillion in the hole before passage of the health care bill. That’s net of assets. The biggest hole in history.
Actually, the Dallas Fed has estimated the value of the unfunded liabilities (i.e. Social Security, Medicare, Medicaid) to be worth 104 Trillion.  Put that in your pipe and smoke it.

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