The first shortfall of current year SS receipts (to meet payouts) was in 2010. I believe it was $30 billion the government had to make up. 2011 will be worse due to the economy, but the SS shortfalls are still tiny compared to the spending on numerous other programs.
There is time to reform SS, to made it sound and to give participants more control over part of their contributions.
And it still amazes me that we hear no discussion of reforming and looking for savings in this $950 billion annual payout for welfare and other support programs. I guess that would be "balancing the budget on the backs of the poor.
Is $950 Billion Per Year Enough?
But that $950 billion is not looking to the future. That's being paid out this year and will be more next year.
I don't want reform; I want the program stone-cold dead.