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

Justin Haskins is a widely published writer and political commentator, the senior editor and founder of The Henry Dearborn Institute for Liberty, and the editorial director and research fellow at The Heartland Institute, a national free-market think tank. (His work here does not necessarily reflect the views of The Heartland Institute.). Follow him on Twitter @JustinTHaskins.
Justin Haskins