So am I saying don't believe that they are going broke? No. I'm saying don't believe their report in terms of years, it will be sooner. From Washington AP...
WASHINGTON (AP) -- Social Security and Medicare are fading even faster under the weight of the recession, heading for insolvency years sooner than previously expected, the government warned Tuesday. Social Security will start paying out more in benefits than it collects in taxes in 2016, a year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner, trustees reported.
The Federal government has constantly revised their numbers DOWNWARD for when it goes cash negative since the last major overhaul of the Social Security trust fund was done in 1983. This whole damn thing has been a ponzi scheme for years and those of us who are still in our 30's will NEVER receive the full benefits that we are owed from the system. If you don't believe me, read this oh so cheerful article from the people in the know over at the Heritage Foundation.
But than again maybe I'm just being negative, I'm sure we could just print more money like President Obama is doing now. I'm sure that will work ......right?!?!?!
Check out the rest of the A P report right here