The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security.
This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.
It's taken 70+ years, but the chickens are coming home to roost. We cannot continue to have, and continue to enlarge, entitlement programs that are not sustainable. Social security, Medicare, and our new socialized medical program are not sustainable, and the consequences for the country will be disastrous when the IOU's come due.