The news is that Social Security will pay out more than it takes in for the next two years because job layoffs and early retirement decisions have increased the demand for payments. True enough.
But how many Americans (may we see a poll?) understand that there is no Social Security fund in the first place, that the money you pay each month in Social Security taxes goes into no such fund--but into the general coffers of the Federal Government--and that we really are at point (and past it for the next two years) when spending on Social Security finally exceeds income from Social Security taxes?
Can a tax hike and/or benefits reductions be long away?
Meanwhile, add this new item to the list of runaway Federal deficit spending.
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