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Why Social Security Could Be Bankrupt In 12 Years

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by David Stockman, Contra Corner:

The so-called “trustees” of the social security system issued their annual report last week and the stenographers of the financial press dutifully reported that the day of reckoning when the trust funds run dry has been put off another year—-until 2034.

So take a breath and kick the can. That’s five Presidential elections away!

Except that is not what the report really says. On a cash basis, the OASDI (retirement and disability) funds spent $ 859 billion during 2014 but took in only $ 786 billion in taxes, thereby generating $ 73 billion in red ink.  And by the trustees’ own reckoning, the OASDI funds will spew a cumulative cash deficit of $ 1.6 trillion during the 12-years covering 2015-2026.

Read More @ DavidStockmansContraCorner.com

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