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February 4, 2010
'Mother of all Bailouts' headed our way
Topics: Political News and commentariesGet ready folks, the entire social security program has gone into the red - and it is likely to stay there.
As Ed Morrissey points out at the link, this means that the federal government not only can't rely on SocSec surpluses, which have been used to paper over budget deficits, it will have to increase the federal deficit to make benefit payments from now on.
George Bush and the GOP saw this coming, while Democrats like Orszag insisted that we had nothing to worry about. Even if we had a federal government living within its means, this would be a crisis -- but with the debt that Obama is accumulating, it's a fiscal tsunami waiting to crest.And it's not very encouraging to know that already, since Obama took office, he has increased the national debt by $1,734,066,940,432 - and still counting.
Posted by Richard at February 4, 2010 2:03 PM
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