Sayonara Social Security Surpluses
Conn Carroll /
The federal budget deficit is set to quadruple in 2009 to $1.75 trillion and President Barack Obama’s budget will add another $4.9 trillion in public debt from the beginning of 2010 through 2016. But our fiscal future is in even worse shape than that. As PBS’s Nightly Business Report noted last night, the recession is rapidly making our entitlement crisis worse:
[youtube]http://www.youtube.com/watch?v=1pqGMzjlN6Y[/youtube]
Darren Gersh finds that due to slower projected payroll tax receipts combined with higher payments for early retirements and cost of living adjustments, “the era of large Social Security surpluses is over.” (more…)