Social Security To Go Bust By 2030: CBO

Investors Business Daily ^ | July 15, 2014 | By JED GRAHAM

[Oldeconomybuyer]

The $2.8 trillion Social Security Trust Fund is on track to be totally spent by 2030, the Congressional Budget Office said Tuesday.

That's one year earlier than projected in 2013 and a decade earlier than the CBO estimated as recently as 2011.

The CBO delivered the warning in a gloomy long-term budget outlook that shows federal debt reaching 106% of GDP in 25 years, up from 74% now.

[QT3.14]

Bad news folks if you think SS is an entitlement! If they run out of money will they just rely on this?

The Supreme Court in 1960 ruled SS is not a binding contract (Fleming vs. Nestor).

The SSA over the years has changed their tune and now posts the ruling on their website stating “There has been a temptation throughout the program’s history for some people to suppose that their FICA payroll taxes entitle them to a benefit in a legal, contractual sense.”

[clearcarbon]

"Social Security To Go Bust By 2030"

Progressive economics will ensure that there are no seniors well before then.

[Stand Watch Listen]

Very astute observation...

[trebb]

Need to sign up soon to get at least some return on my “investment”