Social Security Administration Misplaces Car Keys Plus One Trillion Dollars, But Mostly One Trillion Dollars

How disconnected from reality do you have to be to believe that an enormous federal bureaucracy -- that can't fire anybody, has no competition, and operates like the DMV -- can effectively run the entire health care system?

Answer: You have to be a Democrat.

The outlook for Social Security's trust fund has deteriorated to an astonishing degree over the past year, new Congressional Budget Office projections show... [The] CBO expects the trust fund to peak in 2018 and decline to $2.7 trillion in 2022 — a full $1 trillion less than Social Security's own actuaries predicted last year.

...Under current law, once the trust fund is gone, Social Security could only pay 78% of benefits. Since older retirees and the disabled would be protected, new retirees would face much deeper cuts to a benefit that is not especially generous to begin with... The average retired worker received a $1,200 monthly benefit last year before Medicare premiums were subtracted.

...Assuming a 22% automatic cut, average earners (about $43,000 in 2012) halfway into a 40-year career would have to set aside more than 5% of annual wages, or $2,150 a year, to replace [the] lost benefits.

Already, the next president will have to address a near-term crisis in Social Security's disability insurance program that CBO expects to hit in 2016 — resulting in immediate cuts for many of the neediest beneficiaries.

...Social Security already is cash-flow negative, taking less in revenue than it pays out in current benefits. CBO sees the program's $48 billion cash gap in 2011 rising above $100 billion by 2019... And depressed Treasury rates mean smaller interest payments on the trust fund's official balances.

Like night follows day, bankruptcy awaits each and every one of these Democrat-created programs, all operating outside the Constitution (not to mention the laws of arithmetic and common sense).