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Don't Wait For Social Security's Crisis — It's Here

Entitlements: Social Security is like the classic children’s tale, “The Boy Who Cried Wolf.” So many warnings have been made, no one listens anymore. Well guess what? The wolf’s now at the door. Are you listening now?
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For the first time in 36 years, Social Security will take money out of its “trust fund” — an accounting fiction that would get you jailed for fraud in the private sector — to pay retirees. The truth is, Social Security is for all intents and purposes bankrupt.
Since 2010, Social Security has been spending more than it took in, making up the difference by tapping into the interest paid on a $2.9 trillion government bond fund. That “interest” is really your tax dollars. Congress, you see, spent the actual money that came in through your payroll taxes and left IOUs. Now, even the interest on those entitlement IOUs is no longer enough. So they’re going to

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