You knew the day was coming. Everybody knew the day was coming. But nobody has done anything about it. Social Security is taking in less money that it pays out. In some circles, that's called bankruptcy. (And since the government has done such a great job with Social Security, why don't we let the feds run health care, too?)

From The Associated Press:

This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.

Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.

Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn't be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.

Read the full story at the link below

IOUs come due for Social Security (pottsmerc.com)

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Economist and author Allen W. Smith is on tour to promote his book, "THE BIG LIE: How Our Government Hoodwinked the Public, Emptied the Social Security Trust Fund, and caused The Great Economic Collapse"

Read more about his efforts at the link below:

Social Security 'Voice Crying in the Wilderness' Touring Florida

Close to 7 million seniors -- 1 in every 7 -- will receive a smaller Social Security check next year, according to a new analysis by The Senior Citizens League

Millions of other seniors who do not have their Medicare premiums automatically deducted from their checks will also have fewer Social Security dollars leftover next year, the League says.

All this is happening while the Obama Administration spends billions on wars, foreign aid and bailouts for his rich benefactors. What about ordinary American citizens?

Learn what you can do to pressure Barack Obama and Congressional Democrats on this important issue at the link below.

One in Seven Seniors Faces Social Security Check Cuts in 2010

Admitted swindler Bernie Madoff is an amateur compared to the U.S. government, which has been running the largest Ponzi scheme in the world for more than 70 years.

We've been hearing for decades how Social Security is going broke. The scheme simply can't sustain itself because more people are retiring than are entering the work force. Fewer people paying into the system and more people collecting is a recipe for disaster.

The part of the scheme is that politicians (mostly Democrats) have been raiding the Social Security system for decades to fund other government programs.

The dramatic decline of the U.S. economy in the past year has put more pressure than ever on the Social Security system, says the Pittsburgh Tribune-Review, which warns that the day of reckoning is fast approaching.

From an editorial in today's edition:

America's job losses are taking a toll on the surplus from government's favorite Ponzi scheme. That means the feds will have to look elsewhere, and a lot sooner, for the cash that's being borrowed from Social Security.

With the ongoing decline in payroll tax revenues, the Congressional Budget Office projects that Social Security's surplus could drop to $16 billion this year and about $3 billion next. The surplus projection for '09 was $80 billion.

Liberals are quick to point out that the dwindling surplus doesn't affect current Social Security recipients. It's the same head-in-the-sand reasoning that has allowed Social Security to reach this precarious state.

Based on the CBO's projections, the government will have to borrow another $700 billion over the next decade to cover what it would have borrowed from Social Security. And perhaps as early as 2017, the Treasury will have to start paying back the billions it has taken from Social Security for the past 25 years.

Read the full editorial at the newspaper's Web site.

The Social Security Administration today announced a 5.8 percent cost-of-living increase in 2009 for the nation's 50 million Social Security recipients.

It's the biggest annual increase since 1982.

At least one advocacy group, the Senior Citizens League, thinks that's not enough. Read more below:

Today's 2009 COLA Announcement Will Leave Millions of Seniors in Poverty