Social Security will face a cash shortfall for the first time in decades next year, according to a little noticed report released late last month by the Congressional Budget Office (CBO).
As a result, seniors could face benefit cuts in as little as three years. Congress could instead raise taxes or authorize new borrowing to close the shortfall, but has never before addressed a Social Security deficit through long-term borrowing.
Sep 10, 2009
What Are These People Talking About?
From a ridiculous gloom and doom press release from a right wing group:
Since the Social Security trust funds as shown by the graph above have over $2.5 trillion in them, I think that retirees are going to be safe three years from now. Maybe the people issuing this press release were the same people yelling about how the President was going to indoctrinate school children with Socialism.