****Social Security will need an extra $267 billion to pay promised benefits.****
But, but we were promised! Look at what was said by the SS back in 1964!
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
They lied.
Part of it was based on the assumption that Baby Boomers would have as many kids as their parents did.
But, that only kicks the can down the road for one more generation.
Classic Ponzi.