- Prison Planet.com - http://www.prisonplanet.com -

Next in Line for a Bailout: Social Security

Posted By admin On February 5, 2010 @ 4:20 am In Money Watch | Comments Disabled

Allan Sloan
CNN Money [1]
Friday, February 5th, 2010

Don’t look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.

A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.

Instead of helping to finance the rest of the government, as it has done for decades, our nation’s biggest social program needs help from the Treasury to keep benefit checks from bouncing — in other words, a taxpayer bailout.

No one has officially announced that Social Security will be cash-negative this year. But you can figure it out for yourself, as I did, by comparing two numbers in the recent federal budget update that the nonpartisan CBO issued last week.

The first number is $120 billion, the interest that Social Security will earn on its trust fund in fiscal 2010 (see page 74 of the CBO report). The second is $92 billion, the overall Social Security surplus for fiscal 2010 (see page 116).

Full article here [1]

“When the people find they can vote themselves money, that will herald the end of the republic.”Fall Of The RepublicBuy the DVD here [2]

Next in Line for a Bailout: Social Security  FOTR 340x1692 [2] 

Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/next-in-line-for-a-bailout-social-security.html

URLs in this post:

[1] CNN Money: http://finance.yahoo.com/focus-retirement/article/108747/next-in-line-for-a-bailout-social-security?mod=fidelity-readytoretire

[2] Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html

[3] Social Security is not “Insurance”: http://www.prisonplanet.com/social-security-is-not-insurance.html

[4] Social Security to Run Out of Money Sooner Than Estimated: http://www.prisonplanet.com/social-security-to-run-out-of-money-sooner-than-estimated.html

[5] Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795: http://www.prisonplanet.com/social-security-ran-47-8b-deficit-in-fy-2012-disabled-workers-hit-new-record-in-december-8827795.html

[6] Obama Says Private Accounts Would Endanger U.S. Social Security Benefits: http://www.prisonplanet.com/obama-says-private-accounts-would-endanger-u-s-social-security-benefits.html

[7] Social Security deficits now ‘permanent’: http://www.prisonplanet.com/social-security-deficits-now-%e2%80%98permanent%e2%80%99.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.