CLEVELAND, OH (WOIO) - It was a moment of frightening irony last week when just as the Senate was debating the reconciliation bill that would seal approval of the trillion dollar Obama health care plan, word came that social security had reached the dreaded so-called tipping point. The tipping point, which arrived four years earlier than expected, means that for the first time social security is paying out more in benefits than it receives in tax revenue. And, that folks, is not good news.
It means that come 2037, earlier than expected social security runs out of money. Chances are very good that the generation currently approaching retirement will be the last generation to ever receive a social security check. How could it be otherwise? With social security staring at bankruptcy, it's hard to comprehend how the nations leader's plan to fix that situation, while at the same time, finance the humongous health care plan.
By the way, there was another curious financial occurrence in mid-March. Moody's Investors Service, the bond rating agency, issued a warning that the exploding U.S. debt might soon cause a downgrade of our treasury bonds.