{"id":2758,"date":"2009-09-22T17:46:45","date_gmt":"2009-09-22T21:46:45","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=2758"},"modified":"2010-02-09T12:04:03","modified_gmt":"2010-02-09T17:04:03","slug":"train-wreck-cbo-predicts-social-security-cash-deficits-in-2010-11","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/09\/22\/train-wreck-cbo-predicts-social-security-cash-deficits-in-2010-11\/","title":{"rendered":"Train Wreck: CBO Predicts Social Security Cash Deficits in 2010-11"},"content":{"rendered":"

Ed Morrissey has obtained a copy the summer 2009 Congressional Budget Office report on the health of the Social Security “Trust Fund”… The news isn’t good, actually it’s pretty frightening<\/a>:<\/p>\n

Four years ago, George W. Bush attempted to reform the entitlement program Social Security, warning that the system was accelerating into collapse and would soon run deficits.\u00a0 Democrats scoffed and claimed the Social Security system was solid and wouldn\u2019t have problems for at least 50 years, as Harry Reid told PBS\u2019 Jim Lehrer in June 2005.\u00a0 Just last year, the CBO \u2014 under the direction of Peter Orszag, now budget director in the Obama administration \u2014 claimed that the first cash deficits in Social Security would not come until 2019.<\/p>\n

Now, however, the CBO has determined that Social Security will run cash deficits next year and in 2011, and by 2016 will be more or less in permanent deficit mode.\u00a0 Hot Air has exclusively obtained the summer 2009 CBO report sent to legislators on Capitol Hill but not yet made public, which shows that outgo will exceed income for the first time since the 1983 fix on an annual basis in 2010: Read the rest…<\/p><\/blockquote>\n

Suffices to say the situation with Social Security is much worse than the Obama Administration and Congressional Democrats want to admit. They’re hell bent on creating new budget busting entitlements while existing ones are headed for collapse.<\/p>\n

It’s high time Congressional Democrats faced some tough questions on Social Security…\u00a0 Four years ago they shot down George W. Bush’s reform proposals and we’re fast approaching the point were meaningful reforms will be impossible.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ed Morrissey has obtained a copy the summer 2009 Congressional Budget Office report on the health of the Social Security “Trust Fund”… The news isn’t good, actually it’s pretty frightening: Four years ago, George W. Bush attempted to reform the entitlement program Social Security, warning that the system was accelerating into collapse and would soon […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[845,844,846,683],"class_list":{"0":"post-2758","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-cbo","9":"tag-congressional-budget-office","10":"tag-deficits","11":"tag-social-security","12":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-Iu","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2851,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/10\/10\/weekend-briefing\/","url_meta":{"origin":2758,"position":0},"title":"Weekend Briefing – Saturday, October 10, 2009","author":"Jeff","date":"October 10, 2009","format":false,"excerpt":"I'm going to be tied up with family all weekend but here's a collection of must read links: CBO: Budget deficit hit record $1.4T in 2009 - Associated Press Proposals to create jobs add up to second stimulus - Associated Press A Nobel for Obama - New York Sun Barack\u2026","rel":"","context":"In "Afghanistan"","block_context":{"text":"Afghanistan","link":"https:\/\/www.jasetaro.com\/blog\/category\/afghanistan\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4398,"url":"https:\/\/www.jasetaro.com\/blog\/2012\/03\/16\/20-million-could-lose-employer-insurance-under-obamacare\/","url_meta":{"origin":2758,"position":1},"title":"20 Million Could Lose Employer Insurance Under Obamacare","author":"Jeff","date":"March 16, 2012","format":false,"excerpt":"Remember when President Obama said if you liked your current health care plan you could keep it, and that it wouldn\u2019t cost you any more? Well, he was either lying his ass off or doesn't understand basic economics... A new report released by the non-partisan Congressional Budget office on Thursday\u2026","rel":"","context":"In "Health Care"","block_context":{"text":"Health Care","link":"https:\/\/www.jasetaro.com\/blog\/category\/health-care\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2524,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/07\/16\/joe-biden-we-have-to-go-spend-money-to-keep-from-going-bankrupt\/","url_meta":{"origin":2758,"position":2},"title":"Joe Biden: ‘We Have to Go Spend Money to Keep From Going Bankrupt’","author":"Jeff","date":"July 16, 2009","format":false,"excerpt":"From CNSNews.com: Vice President Joe Biden told people attending an AARP town hall meeting that unless the Democrat-supported health care plan becomes law the nation will go bankrupt and that the only way to avoid that fate is for the government to spend more money. \u201cAnd folks look, AARP knows\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2648,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/08\/25\/train-wreck-gdp-decline-twice-as-bad-as-obama-admnistration-forecast\/","url_meta":{"origin":2758,"position":3},"title":"Train Wreck: GDP Decline Twice as Bad as Obama Admnistration Forecast","author":"Jeff","date":"August 25, 2009","format":false,"excerpt":"Ouch, this isn't good news for President Obama's agenda... The White House has been using some pretty rosy economic forecasts to sell his agenda. However, those rosy forecasts have finally crashed head-on into economic reality. In short, GDP declined roughly twice as much as they predicted and their out year\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1856,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/04\/01\/paul-ryan-the-gops-alternative-budget\/","url_meta":{"origin":2758,"position":4},"title":"Paul Ryan: The GOP’s Alternative Budget","author":"Jeff","date":"April 1, 2009","format":false,"excerpt":"Paul Ryan the ranking Republican on the House Budget Committee lays out the GOP's alternative budget proposal in an Op Ed in Today's Wall Street Journal: Here's an outline of what we propose: - Deficits\/Debt. The Republican budget achieves lower deficits than the Democratic plan in every year, and by\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2340,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/06\/12\/bloomberg-com-house-health-care-bill-to-include-600-billion-in-tax-increases\/","url_meta":{"origin":2758,"position":5},"title":"Bloomberg.com: House Health-Care Bill to Include $600 Billion in Tax Increases","author":"Jeff","date":"June 12, 2009","format":false,"excerpt":"Bloomberg.com is reporting that the health care overhaul legislation being drafted by House Democrats will include $600 billion in tax increases and $400 billion in cuts to Medicare and Medicaid: June 12 (Bloomberg) -- Health-care overhaul legislation being drafted by House Democrats will include $600 billion in tax increases and\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=2758"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2758\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=2758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=2758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=2758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}