The “Third Rail” Gets Derailed

We have to start to get a handle on entitlements. As much as the Democrats might want to pretend that there’s a lockbox full of money to fund them, there isn’t.

From Investor’s Business Daily:

Entitlements: The Congressional Budget Office says Social Security will begin running deficits this year and every year until it is drained in 2037. The baby boomers who used to pull the wagon are starting to ride it.

The problem with kicking the can down the road is that eventually, you run out of road. Social Security’s insolvency has been staring us in the face for a long time as politicians whistled past its fiscal graveyard. Now, with baby boomers retiring in a jobless recovery, the end is not near, it’s here.

In a report released Wednesday, the Congressional Budget Office projects that Social Security will pay out $45 billion more than it takes in this year, a figure that rises to $130 billion when the payroll tax cut is included from the Bush rate extension deal. The deficits will continue until Social Security is totally drained, around 2037.

Read the rest here: The “Third Rail” Gets Derailed

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