Social Security Receipts Collapse in iDepression2.0

The Social Security cash flow deficit is even worse than predicted the last two years. Another few months of Depression will cause the Social Security ponzi scheme to collapse.

Neither the Kenyan-Indonesian president or the congresscritters have mentioned this looming crisis. The incoming congress is going to have to change eligibility or raise FICA taxes 3-4%. The jig is up.

Many of us will work longer, providing some freeboard, but that just delays the day of reckoning. Those of us who decide to work longer may be funding our own delayed retirement with increased withholding and FICA taxes only to have benefits reduced anyway.

iDepression 2.0 has revealed the faded IOU in the Social Security lockbox.