Sunday, April 19, 2009

Good news! We won't be squandering the Social Security surplus anymore.

Because we don't have it anymore.

Projected Social Security surpluses over the next decade have all but disappeared. Next year's operating surplus, previously estimated at $86 billion, is now $3 billion. Ten years of cumulative surpluses, once seen at about $703 billion, are now projected at $83 billion.

In short, the long-predicted Social Security crisis is arriving sooner than expected... [USA Today editorial]
"The future is now", as the saying goes. Or a whole lot closer. More later.