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January 27, 2011

Harry Reid is either a liar, an idiot, or both

Topics: Political News and commentaries

According to Harry Reid - just two weeks ago, "Social Security is fully funded for the next 40 years. ... It's not in crisis. ... This is something that is perpetuated by people who don't like government":

Naturally, Democrat apologist David Gregory didn't challenge Reid.

However, we know that what he said is about as far from the truth as one can get, especially since the CBO is saying today that Social Security will begin running permanent deficits this year, not 2016:

The Congressional Budget Office said Wednesday that Social Security will pay out $45 billion more in benefits this year than it will collect in payroll taxes, further straining the nation's finances. The deficits will continue until the Social Security trust funds are eventually drained, in about 2037.

Previously, CBO said Social Security would start running permanent deficits in 2016. In the short term, Social Security is suffering from a weak economy that has payroll taxes lagging and applications for benefits rising. In the long term, Social Security will be strained by the growing number of baby boomers retiring and applying for benefits.

And to make matters worse, as was noted in a previous post ... the government has been embezzling and spending surplus Social Security revenue for the past quarter-century to the tune of now over $2.5 trillion and for Harry Reid not to know this would be near bouts impossible.

Ht - Nice Deb

Posted by Richard at January 27, 2011 11:55 AM

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