Rash of retirements pushes Social Security to brink By Richard Wolf
"Social Security's annual surplus nearly evaporated in 2009 for the first time in 25 years as the recession led hundreds of thousands of workers to retire or claim disability.
Since 1984, Social Security has raked in more in payroll taxes than it has paid in benefits, accumulating a $2.5 trillion trust fund. But because the government uses the trust fund to pay for other programs, tax increases, spending cuts or new borrowing will be required to make up the difference between taxes collected and benefits owed.
Experts say the trend points to a more basic problem for Social Security: looming retirements by Baby Boomers will create annual losses beginning in 2016 or 2017.
"Money has to be found to repay those trust funds." "
First, anyone with his right mind knew this was coming all along
Second, notice how these reports are gradually, slowly slipping into the "news" in bite sized tiny pieces here and then, despite the gaggle of high priced people who have been watching this for years and knew all along what was coming. The watchdogs who are supposed to protect Social Security are the same gang who changed the law to allow banks to gamble recklessly knowing full well the money the lost would be paid for out of our pockets.
Third, this is an extremely critical situation for many millions of people who barely survive on Social Security.
Forth, Social Security is on a collision course with war financing, the monster debt used to pay for wars to this point, the Wall Street monster heist, and the unchecked greed of the interest groups who run Washington.
Between the bottomless spending pit of the bizarro war against a tactic and the efficiency with which we're being robbed blind by every special interest in town, we're way down the road to getting fucked over like never before.
There is a simple and effective way we can stop the fall: remove money from the election process. It can be done - and it's the only way to stop the slide.
Update I: See The Democrats are Coming After Social Security By Shamus Cooke