GIRD UP YOUR LOINS: CBO predicts Social Security cash deficits in 2010-11
CBO predicts Social Security cash deficits in 2010-11
HOT AIR
Four years ago, George W. Bush attempted to reform the entitlement program Social Security, warning that the system was accelerating into collapse and would soon run deficits. Democrats scoffed and claimed the Social Security system was solid and wouldn’t have problems for at least 50 years, as Harry Reid told PBS’ Jim Lehrer in June 2005. Just last year, the CBO – under the direction of Peter Orszag, now budget director in the Obama administration – claimed that the first cash deficits in Social Security would not come until 2019.
Now, however, the 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.
Looks like it’s time for a “reset.”
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