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News Link • TAXES: Federal

Social Security Will Go Bankrupt in 2010

• godlikeproductions.com
For the third time in my life, the Social Security System will go belly-up. The first time was in 1977 – well, almost. To head off the bust, Jimmy Carter got Congress to pass a major FICA tax increase – sorry, "contribution" increase – in order to save Social Security. The rate would be hiked in phases from 2% to 6.15% (times two: employee and employer). He promised: "Now this legislation will guarantee that from 1980 to the year 2030, the Social Security funds will be sound."Carter's projection was off by a Georgia country mile. In 1983, the SSA program technically went bankrupt. Reagan signed a law that speeded up Carter's rate increases, added Congressional employees to Social Security, and delayed the age of eligibility.Unless there is another Social Security tax increase in 2010, the system will go into red ink mode and stay there.

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