Don't worry, the checks will be in the mail. Your account will be filled with freshly printed money. It's a piece of cake. You don't need to worry about Social Security. You'd just better hope somebody invents printed food, printed housing and printed clothing soon...
WASHINGTON (AP) — Social Security and Medicare are fading even faster under the weight of the recession, heading for insolvency years sooner than previously expected, the government warned Tuesday.
Medicare already is paying out more money than it receives, something that happened for the first time last year. And Social Security will be by 2016, a year sooner than had been projected, the trustees' annual report said.
Unless changes in Social Security are enacted, the retirement fund will be depleted in 2037, four years sooner than projected last year. The Medicare trust fund is in even worse shape. It is projected to become insolvent in 2017, two years earlier than expected.
Tuesday, May 12, 2009
It was bound to happen: