[ctdonath2]

“the Congressional Budget Office reported that Social Security funds allocated to cover this calendar’s year’s payments are now exhausted.”

Quote? Link?

[kabar]

SS is a pay as you go system. Right now, expenditures exceed revenue, which will require the IOUs in the SS Trust Fund to be redeemed by the USG to cover the shortfall. There are about $2.6 trillion in the SS Trust Fund in the form of non-market T-bills.

Rash of retirements pushes Social Security to brink--The impact of the recession is likely to hit the giant retirement system even harder this year and next. The Congressional Budget Office had projected it would operate in the red in 2010 and 2011, but a deeper economic slump could make those losses larger than anticipated.