Social Security Income to Not Support Outgo in 2010

It seems the time of reckoning has come:

[T]he CBO has determined that Social Security will run cash deficits next year and in 2011, and by 2016 will be more or less in permanent deficit mode.


The situation at Social Security is much worse than this administration and Democrats in Congress want to admit.  They want to continue busting the deficit and creating new entitlements while the existing ones careen towards collapse.  The new data shows that time has almost run out for reform.  Seniors will still get their checks, but those will increasingly rely on injections from the general fund and not revenues from Social Security payments.  At this point, one has to wonder when SSA becomes a flat-out Ponzi scheme, and who the suckers will be when it blows up.

Go read the entire article (which includes a full set of numbers from the CBO). Seems as though this is yet another reason to not head down the path to government-run health care. It would be tantamount to taking out a second mortgage on a house when the first one is already in default. Only the government would back a bet like that.