As predicted last year,
Social Security revenue will fall below cost in 2017. Medicare is projected to go broke in 2018, two years sooner than predicted in 2005. And the Social Security "Trust Fund" -- a myth if there ever was one -- will be history in 2040, a year sooner than predicted and will not pay for all the benefits.
Amazingly, the
AARP senior citizen lobby claims (with a straight face) that should "reassure Americans approaching retirement that this system remains strong."
Equally stunning, Senate Minority Leader Harry
Reid, D-Nev., says it confirms that Social Security will remain sound for decades to come; the real threat to Social Security comes from Republicans, "most of whom support and voted for privatizing Social Security," he says.
Bad to Worse - 5/6/2006