“Social Security is structurally sound,” President Barack Obama declared during the October 3 presidential debate in Denver.
Apparently the president has yet to peruse this year’s annual report from the Social Security trustees. It would also seem that neither his opponent, Mitt Romney, nor the debate moderator, Jim Lehrer, has read the report for neither challenged him on this ludicrous statement.
The report is, it must be admitted, rather lengthy, but one need only turn to page four to find this staggering statistic: “The open group unfunded obligation for OASDI [Old-Age, Survivors, and Disability Insurance] over the 75-year [projection] period is $8.6 trillion in present value and is $2.1 trillion more than the measured level of a year ago.” That is, over the next 75 years the government is expected to pay $8.6 trillion more in benefits than it takes in via payroll taxes; and that unfunded liability is growing rapidly as 10,000 baby boomers turn 65 every day and the economy sputters.
The program is already running annual deficits. FDR’s unconstitutional Ponzi scheme first went into the red in 2010. “In 2011,” wrote the trustees, “Social Security’s cost continued to exceed both the program’s tax income and its non-interest income, a trend that the trustees project to continue throughout the short-range period and beyond. The 2011 deficit of tax income relative to cost was $148 billion, and the projected 2012 deficit is $165 billion.”
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Photo of President Obama at the Oct. 4 debate in Denver: AP Images