WASHINGTON, Jan. 26, 2011
Social Security to Run Permanent Yearly Deficits
From CBC/ AP

AP) Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates.

This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors' benefits than it collects in payroll taxes, the nonpartisan Congressional Budget Office said. That figure nearly triples — to $130 billion — when the new one-year cut in payroll taxes is included.

Congress has promised to replenish any lost revenue from the tax cut, but that's hardly good news, either, adding to the federal budget deficit. In another sobering estimate, the congressional office said government red ink this year will increase to $1.5 trillion, the most in U.S. history.
http://www.cbsnews.com/stories/2011/01/26/politics/main7286861.shtml?tag...

But wait O minute, here is what Bob in-your-purse Herbert said just a day prior to the above report :
Raising False Alarms
By BOB HERBERT
Published: January 24, 2011

Social security is NOT in crisis.

The demagogues would have the public believe that Social Security is unsustainable,

The deficit hawks and the right-wingers can scream all they want, but there is no Social Security crisis.

The alarmist rhetoric should cease.

AND Then…just in case you might read other news (ughmmm, see above) that shows Bob Herbert and the Times to be in liar mode, here is Bob gettn’ down and dirty into your pocket book in order to fix what he still insists is a non-existent social security problem:

One obvious step {to fix social security} would be to raise the cap on payroll taxes so that wealthy earners shoulder a fairer share of the burden.

Ah…"fairer," meaning flatten incomes until everybody makes the same dollar amount per year. Yes, that is exactly what Bob Herbert and the Reparations Crowd {Obama included} insist: everyone making the same 50K per year. Ah the American Dream.

If more lies are what you need then here is Barack to step in for Bob:

From the AP
WASHINGTON (AP) — Two of the central promises of President Barack Obama's health care overhaul law are unlikely to be fulfilled, Medicare's independent economic expert told Congress on Wednesday.
The landmark legislation probably won't hold costs down, and it won't let everybody keep their current health insurance if they like it, Chief Actuary Richard Foster told the House Budget Committee. His office is responsible for independent long-range cost estimates.
http://www.google.com/hostednews/ap/article/ALeqM5hCT4GhKaleCpy570YTLr9p...

Oh baby, it feels so good when you lie to me.

http://www.nytimes.com/2011/01/25/opinion/25herbert.html?_r=1&scp=1&sq=r...