Well, I'm not a senior citizen, but Gary North is and he is not blind to the coming storm.
Many of you are aware of Dr. Gary North and his writings. I highly recommend this video for anyone with a shred of hope that the retirement safety net will remain intact as this Great Bear Market grinds the Republic's finances into powder.
UPDATE: Here's a story from Fortune singing the same tune -Next in line for a bailout: Social Security
By Allan Sloan, Senior Editor at Large
February 2, 2010
NEW YORK (Fortune) -- Don't look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of helping to finance the rest of the government, as it has done for decades, our nation's biggest social program needs help from the Treasury to keep benefit checks from bouncing -- in other words, a taxpayer bailout.
No one has officially announced that Social Security will be cash-negative this year. But you can figure it out for yourself, as I did, by comparing two numbers in the recent federal budget update that the nonpartisan CBO issued last week...