Friday, August 21, 2009
You know what's a horrible article to read on a foggy Friday morning? Fortune's last cover story: "The next great bailout: Social Security".

Back in January I talked about how the Social Security Trust Fund was projected to run out by 2041, two years short of my being able to collect benefits (see None Too Secure).

The bad news?

Now Fortune says the fund's going to run out a few years sooner - like 2035.

See, in 2002 the Social Security Admininstration projected 2009's cash flow at $115 billion. It was revised last year down to $87 billion. It's now projected to be a tiny $19 billion.

Thanks recession!

And then the article gets into how it's actually funded by government IOUs to itself ... yikes.

Just don't read it, okay? Enjoy your morning in peace.

I'll be out back, digging a bunker.
posted by Josh at 7:22 AM |