Social Security's chief actuary reports that the social safety net will run a deficit for 2010.
That's 9 years earlier than expected! The 2010 shortfall is expected to be -$29 billion.
Peter Orszag, now director of the Office of Management and Budget, predicted as director of the Congressional Budget Office in August 2008 that no one need worry about Social Security.
We were told: "CBO projects that outlays will first exceed revenues in 2019 and that the Social Security trust funds will be exhausted in 2049."
Doesn't exactly inspire confidence in the estimating prowess of the CBO or the OMB , does it?
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