Social Security strained by early retirements
http://apnews.myway.com/article/20090927/D9AVHRDG0.html
"......The deficits - $10 billion in 2010 and $9 billion in 2011 - won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit........"
and
"........Without a new fix, the $2.5 trillion in Social Security's trust funds will be exhausted in 2037. Those funds have actually been spent over the years on other government programs. They are now represented by government bonds, or IOUs, that will have to be repaid as Social Security draws down its trust fund........"
Smoke & Mirrors, folks, Smoke & Mirrors.
The joy ride is over.
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