CBO Report: Social Security Going Bankrupt Faster under Obama

By Justin Haskins, American Thinker,

At a town hall meeting in Columbus, Ohio in 2010, President Barack Obama ensured the worried audience that “Social Security is not in crisis.”  Obama was wrong.

Not only is Social Security in the worst shape it has ever been in, a recent Congressional Budget Office (CBO) report reveals the problem has grown significantly worse under the Obama administration.

In its annual long-term Social Security projections report, the nonpartisan CBO says 2013 Social Security costs exceeded income by about 9 percent, and that gap is expected to average 17 percent over the next decade. The CBO projects that by 2030, all Social Security trust funds will be exhausted, and unless income exceeds expenditures, “the Social Security Administration [will] no longer have legal authority to pay full benefits when they [are] due.”

The slow demise of Social Security trust funds should surprise no one, but what is disturbing is the rate at which the CBO’s projections for Social Security’s survival has dropped under Obama.

[Published by American Thinker, read more here]

Justin Haskins
About Justin Haskins (178 Articles)
Justin Haskins is a pro-liberty writer, editor, research fellow, and the editor-in-chief of the New Revere Daily Press and CrazyThingsLiberalsSay.com. Haskins has been published hundreds of times in major digital and print publications, including The Wall Street Journal, New York Post, Forbes, FoxNews.com, Newsweek, and National Review, among many others. His writing has also been featured or discussed by The Rush Limbaugh Show, Glenn Beck Radio Program, the Fox News Channel, The New York Times, Drudge Report, and Newsmax, which named Haskins one of "Top 30 Republicans Under 30" in 2017. He lives in North Carolina with his wife, Dr. Jacquelyn, and his dog Roxy. Follow him on Twitter @JustinTHaskins.
Contact: Website

Leave a comment

Twitter Auto Publish Powered By : XYZScripts.com