Social Security Will Go Bust in 2010

For the third time in my life, the Social Security System will go belly-up.

The first time was in 1977 – well, almost. To head off the bust, Jimmy Carter got Congress to pass a major FICA tax increase – sorry, "contribution" increase – in order to save Social Security. The rate would be hiked in phases from 2% to 6.15% (times two: employee and employer). He promised: "Now this legislation will guarantee that from 1980 to the year 2030, the Social Security funds will be sound." (http://tinyurl.com/ybksxs4)

Carter's projection was off by a Georgia country mile. In 1983, the SSA program technically went bankrupt. Reagan signed a law that speeded up Carter's rate increases, added Congressional employees to Social Security, and delayed the age of eligibility. (http://tinyurl.com/ybksxs4) (more)