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A report out from the Congressional Budget Office (CBO) shows that for the first time in 25 years, Social Security is now taking in less in taxes than it's spending on benefits.
From CNN Money:
Instead of helping to finance the rest of the government, as it has done for decades, our nation's biggest social program needs help from the Treasury to keep benefit checks from bouncing -- in other words, a taxpayer bailout.
No one has officially announced that Social Security will be cash-negative this year. But you can figure it out...
Next Bailout: Social Security
1993.....6667.4........66.17
1994.....7085.2........66.23
1995.....7414.7........67.08
1996.....7816.9........66.84
1997.....8304.3........65.18
1998.....8679.66.......63.67
1999.....9353.5........60.47
2000.....9749.1........58.20
2001....10286.2........56.46
2002....10398.4........59.90
2003....11142.1........60.88
2004....11607..........63.57
2005....12638.4........62.77
2006....13090.8........64.98
2007....13715.7........65.67
2008....14165.6........70.50
2009....14237.2........83.41
2010....14623.9........94.27
Just beautiful. Going in the direction of a goddamned Banana Republic.