TheRealMafoo on 12 May 2009
New projections have us spending more on Social Security in 2016 then we collect. This wouldn’t be so bad if the surplus of funds we have been collecting over the years had stayed in the fund, but the people you trust with your money decided to take it with a promise to pay it back.
So, 2016 will be the first year that they have to do that. 2016, and every year after. Even if for some reason they do pay it back (I am sure they will do this by raising taxes), it will be completely exhausted in 2037.
This means anyone under the age of 42, can expect Social Security to be nothing other than an expense from the government that you gain nothing from.
Got to love entitlement programs.
