Social Security has begun wrecking the budget. It first slipped into the red in August 2008, the very month that Peter Orszag, now the president’s budget director, said it would not show a deficit until 2019. Still, last year’s official budget projections said that Social Security wouldn’t start losing money for an entire year until 2017.
Oops. Social Security begins hemorrhaging money this year, and every year thereafter:
The new figures claim that we’ll start getting better next year (don’t they always say that?), and get back into the black briefly in 2014 and 2015. Please. We’ve seen the value of these predictions; there’s no way that will happen.
As of this year, entitlement spending is a sucking chest wound in the federal budget. What a great time to create a big new entitlement.
(Via Hot Air.)