Quote Of The Day

“Ever since the early eighties, when the Greenspan commission kicked the can down the road with a combination of tax increases and later retirement ages, analysts have been awaiting the day when the system would finally go into deficit.  That date has been sliding around between 2016 and 2020 for some years now, but the suspense is finally over: the system is going into deficit this year….According to the CBO report from which that article is drawn, the deficit will persist until around 2014, at which point it will go temporarily back into surplus before returning permanently to the red in 2018.  This is a small but permanent deterioration of the program’s finances–the people who have retired early will pay no more FICA taxes, and they’ll have less in the way of taxable Social Security benefits.” — Megan McArdle, on Social Security going into deficit

20 Responses to “Quote Of The Day”

  • I don’t like being the bearer of bad news but it gets worse. It’s another bail out.


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