Social Security Will Go Bust in 2010

by Gary North

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, “contribution” increase”, in order to save Social Security. The rate would be hiked in phases from 2% to 6.15% (times two counting both employee and employer). He promised: “Now this legislation will guarantee that from 1980 to the year 2030, the Social Security funds will be sound.”