Home > News > Hot Air – Exclusive: CBO predicts Social Security cash deficits in 2010-11. Dems apologize to Bush because he was right… Well the first part was true.

Hot Air – Exclusive: CBO predicts Social Security cash deficits in 2010-11. Dems apologize to Bush because he was right… Well the first part was true.

September 22, 2009 Leave a comment Go to comments

Wow.  So the Dems were WAY off and Bush was right.  What’s that?  Need a refresher?  Sure.

"[President] Bush is attempting to convince Americans that a crisis exists with Social Security so he can advance his ideological agenda, no matter the consequences," said Rep. Peter A. DeFazio, Oregon Democrat.

"But once again, the truth proves him wrong. Social Security is not, in fact, bankrupt, nor will it ever be," Mr. DeFazio said, citing the trustees’ estimate of 2042 as the first year that the trust funds won’t be able to cover all needed benefits.

But CBO Director Douglas Holtz-Eakin said the trust funds have "no real economic resources" to pay for benefits, so it is faulty to use the later date as the most important one.  – Washington Times

So, here we have proof that, once again, Bush was right.  Fannie Mae/Freddie Mac, check.  Iraq surge, check.  Social Security, check. 

Now don’t get me wrong.  Bush was almost a Dem in the amount of money he wasted and the mistakes he made, but…

Well, regardless of what the Dems said about the surge, regardless of what the Dems said about Fannie/Freddie (Yes, I am looking at you Barney Frank), regardless of what the Dems said about Social Security, BUSH WAS RIGHT.

So, I am sure that Pelosi and the rest of them will be on the news today to offer their sincere apologies for blocking Bush’s reforms and to say “sorry, we were wrong and you were right”.   Gimmie a break.  There is a better chance of Barney Frank paying his taxes than that happening.

Four years ago, George W. Bush attempted to reform the entitlement program Social Security, warning that the system was accelerating into collapse and would soon run deficits.  Democrats scoffed and claimed the Social Security system was solid and wouldn’t have problems for at least 50 years, as Harry Reid told PBS’ Jim Lehrer in June 2005.  Just last year, the CBO — under the direction of Peter Orszag, now budget director in the Obama administration — claimed that the first cash deficits in Social Security would not come until 2019.

Now, however, the CBO has determined that Social Security will run cash deficits next year and in 2010, and by 2017 will be more or less in permanent deficit mode.  Hot Air has exclusively obtained the summer 2009 CBO report sent to legislators on Capitol Hill but not yet made public, which shows that outgo will exceed income for the first time ever on an annual basis in 2010

Hot Air » Blog Archive » Exclusive: CBO predicts Social Security cash deficits in 2010-11

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: