Reply #56: I get my sources

[customerserviceguy]

from the guys with the rose-colored glasses, the Social Security Trustees:

http://www.ssa.gov/oact/trsum/index.html

From that report: "Social Security expenditures exceeded the program’s non-interest income in 2010 for the first time since 1983. The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years."

Yes, there's some interest involved as part of a bookkeeping process, which adds to what the US government has to borrow. Not enough to cover future needs as the baby boom generation hits retirement age, unless interest rates go up, which is likely in the future. It's not gonna be pretty for the economy when that happens, though.

Also from the report: "Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing, and will require legislative corrections if disruptive consequences for beneficiaries and taxpayers are to be avoided."

Even with rose-colored glasses, they can see that something needs to be done.