The requisite Social Security trustee report post

For today's entitlement reform update, I'm going to borrow a headline from Fark:

Medicare program funds will be wiped out by 2019, Social Security by 2041. Thank goodness baby boomers are living their dreams while sucking the country dry

Yeah, that pretty much says it all, but in case you missed today's news, here's CNN: "Treasury Secretary says program is 'financially unsustainable.' - Trustee report says government will have to pay back what it owes starting in 2017"

Treasury Secretary Henry Paulson, saying that Social Security is "financially unsustainable," called Tuesday for quick action to keep the system strong and released a report detailing the program's funding shortfalls.

The federal government will have to start paying back what it owes the Social Security trust fund in 2017 so the program can continue paying 100% of benefits. By 2041, if the system is left unchanged, Social Security will only be able to pay out 78% of benefits promised to future retirees.

And from the Baltimore Sun: "Social Security, Medicare 'train-wrecks:' Warnings"

"The latest report from the trustees shows once again that the aging of the population along with rising health care costs per capita threaten to bankrupt the country if nothing is done,' Sawhill said today. "Yet, none of the presidential candidates has been honest with the American public about the magnitude of the challenge and the importance of dealing with it sooner rather than later."

Know why? Kids don't vote.

More - From Betsy: "Hillary on Social Security"