While it doesn’t have the voltage it once did, Social Security is still the third rail of politics. Politicians are afraid to touch it out of fear of damaging their careers.
Their decades of cowardice have led us to 2010, the year that Social Security begins its descent into the financial abyss. This year it will pay out $29 billion more in benefits than it takes in through the payroll tax that funds the retirement program.
A Sunday Associated Press report highlighting this deficit suggests that “it’s time to start cashing” in the $2.5 trillion Social Security trust fund that has built up through the decades of the system taking in more than it has paid out.
Only problem: There is no trust fund.
As the story notes, “the federal government already spent that money over the years on other programs.”