Thursday, January 27, 2011

1300 S&P here we come! Social Security To Be Drained in 26 Years (SPY)

Just as we await the breach of 1300 in the S&P futures chew on this bit of information if you have not yet..

(AP writes) "The Social Security fund is on track to run out of money by 2037.
The nonpartisan Congressional Budget Office calculates that this year alone Social Security will collect $45 billion less in payroll taxes than it pays out in benefits.
The CBO says the fund will continue to operate in deficit each year until it's drained.
The struggling economy for the past few years has made Social Security's finances worse just when baby boomers stand ready to retire."