reports that according to the CBO, social security will run out money much sooner than projected even last year due to reduced payroll tax receipts:

Last year, the CBO figured the surplus would be $80 billion this year and next, rising from those levels before falling to zero in about ten years. The most recent projections are for a slim $16 billion surplus this year and just $3 billion next year but, given the rosy predictions that usually come out of Washington, a deficit is certainly within the realm of possibilities.

This is bad. We were supposed to have until 2012 that Social Security would still be in a “surplus” — meaning more SS taxes were being taken in than outlays. Thus, Social Security would be contributing to the government’s general operating revenue until that time (the Social Security money taken in is not segregated in any way — it is just “tracked” through the holding of Treasury Securities).

Apparently, that “lucky” state of affairs is all but over — now the fund will have to start selling off its trillion or so of accumulated Treasuries, contributing to the overall funding problem of the Federal Government, at the worst possible time.

The US is bankrupt, folks. Its time to acknowledge it and deal with it.”

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