Social Security $45 Billion Short This Year

Social Security will pay out $45 billion more this year than it will take in. Even better, it will be completely bust by 2037 according to a new study by the Congressional Budget Office.

The news should be no surprise. The fund is running low on money because of our beloved politicians. Social Security is a fine program and should have many trillions of dollars in its coffers. In reality, it doesn’t. Why is this?

The answer shows just how screwed up our system is. Social Security has usually run a surplus each year. What does this mean? It means it usually takes in more than it kicks out in benefits. The problem is this year surplus has been swiped by Congress to pay for other things. In exchange, Congress has given the fund what is essentially an IOU.

Now the demographics of our country are leading to a situation where money has to be paid out each year in excess of what is brought in. Alas, Congress doesn’t have the money. The only answer is to reform the program or go into more debt.

And people wonder why this country is going to hell in a hand basket!

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