OBAMA SOCIAL SECURITY CRISIS

The Bush Administration warned the Democratic Congress four years ago that Social Security and Medicare Trust funds were running out money, Majority Leader Harry Reid and Speaker Nancy Pelosi Sneered at President Bush saying that they were trying to destroy Social Security. Harry Reid made a comment when the Bush administration tried to present a plan "Today the report that the so-called Social Security crisis only in one place the minds of Republicans. In reality the program is on solid ground for decades to come. The Obama administration is telling us that Social Security and Medicare is fading faster under the weight recession heading for insolvency years sooner than expected the government warned Tuesday. Social Security will start paying out more benefits than it collects in 2016 a year sooner than projected last year and the giant Trust fund depleted by 2037 four year sooner trustees reported. Medicare is in worse shape. the trustee the program for hospital expenses will payout more benefits than it collects in this year, just as it did for the first time in 2008. The trustee that the Medicare fund will be depleted by 2017, two years earlier than projected in last years report. The trust fund which exists on paper form in a filing cabinet in Pakersberg West Virginia, are bonds that are backed with the full credit and faith of the Federal government, but not any actual assets. That money has been spent on other parts of the government. Therefore, to redeem the trust fund bonds, The government would have to borrow in public debt markets or raise taxes. Treasury secretary Giethner the head of the trustee group said that the new reports were a reminder that the longer we wait to address the long-term solvency of Medicare and Social Security the sooner the challenges and the harder the options will be in the end. The President Bush warned Democrats but they did not believe him.