From a recent offer at American Vision:

The Social Security System will be broke by the end of 2010, according to figures published by the Congressional Budget Office.  That’s right: busted.  The program will have to be subsidized by Congress.  No more net revenue surplus from FICA taxes.  Hello, deficit!

But what about the Social Security Trust Fund?  Empty. Nothing but a pile of non-marketable IOU’s from the Treasury Department.  Total: $2.5 trillion.

Medicare is already broke.  Ever since 2007, Congress has been bailing it out.  In 2010, 45% of the Medicare Hospital Insurance program’s expenses will be funded by the general fund.  Hello, deficit!

But what about the Medicare Trust Fund?  Empty.  Nothing but a pile of non-marketable IOU’s from the Treasury Department.  Total: $300 billion and falling.

Have you factored this into your retirement plans?  Congress hasn’t.  Congress is playing “kick the can.”

Tens of millions of Americans are planning to retire no later than age 65.  Millions more plan to take early retirement at 62.  A majority of these people will be destitute by age 75.  Maybe by age 70.

Gary North did a lovely dive into the deep end over Y2K, but that doesn’t mean he can’t swim out and say reasonable things. Anyone under 40 who is counting on Social Security trusts crazy people who think they can cure debt with more debt. Best to plan otherwise.