Political Cartoon...

Social Security Trustees Report Just Released

According to the Trustees report, Social Security will run a cash flow deficit of $41 billion (0.3 percent of GDP) this year, will return to small surpluses in 2012-2014 of a few billion dollars a year, and then will begin running increasing deficits from 2015 onward. By 2020, the system will run a cash flow deficit of over $100 billion (0.4 percent of GDP) and by 2030 it will have a shortfall of nearly $460 billion (1.2 percent of GDP).

In the short-term, the health of the Social Security program deteriorated compared to last year's estimates, due to worse economic conditions. Over the longer-term, it improved somewhat, due to the effects of higher tax revenues resulting from more compensation in the form of cash wages as opposed to heath care benefits, resulting from health care reform.

Due mainly to aging and an expanding retired population, costs are expected to increase from 4.8 percent of GDP today to 6.1 percent of GDP by 2030. These costs are generally in line with last year's projections of 4.9 percent of GDP this year to 6.1 percent by 2030. Meanwhile, revenues are expected to be slightly higher than last year's projections, rising from 4.6 percent of GDP today, to 4.9 percent by 2020, and stabilizing at around that level through the 2030s before dropping down to 4.6 percent by 2080.

Over the next 75 years, on top of the $2.5 trillion in government bonds which are currently in the Social Security Trust Funds and which must eventually be repaid, the program still faces an average shortfall of 1.92 percent of taxable payroll-below last year's projected 2 percent shortfall, but a significant imbalance nonetheless.

(Source: Committee for a Responsible Federal Budget)

U.S. Economy Continues to Falter

The Federal Government reported this morning that U.S. employment fell for a second straight month in July as more temporary census jobs ended while private hiring rose less than expected, pointing to an anemic economic recovery.

The unemployment rate was unchanged at 9.5 percent in July for a second straight month, just below market expectations for a rise to 9.6 percent. The steady jobless rate largely reflected a drop in the labor force as discouraged workers gave up the search for jobs.  Glad to see that the Stimulus really worked.  Once the Census jobs are gone, the numbers will look even worse.

In addition to this great economic news, the WH announced late yesterday that another Obama economic "expert" is leaving.  Christina Romer, one of Obama's most vocal supporters of the Stimulus, will be heading back to California where she will teach economics at Berkley.  I'm sure she'll be welcomed with open arms at the epicenter of the Left.

Judicial Travesty In California

A Federal judge in San Francisco yesterday ruled that same-sex marriage is a Constitutionally-protected right under the 14th Amendment's Due Process and Equal Protection clauses.  Forget the fact that the ban is part of an amendment to the state's constitution, adopted by the people of the state.  This has been an issue where Federal courts, including the Supreme Court (Lawrence v Texas regarding sodomy), have been flat wrong over the last decade.  In Lawrence v Texas, Justice Scalia wrote in the dissent that the Supreme Court's decision regarding sodomy and the 14th Amendment would lead down the path of legally arguing in favor of same-sex marriage, which was the result of yesterday's decision in California.

The 14th Amendment has nothing to do with sex -- homosexual or heterosexual!  The Left continues to throw out the phrase "privacy in the bedroom" as a legal argument, which is completely ridiculous.  You can't kill someone in the privacy of your bedroom or take drugs in the privacy of your bedroom.  Yesterday's decision was nothing more than another step in the Federal Government's continual push to take away our ability as citizens to decide how much it can control our lives.  At some point, "We the People" have to stand up and decide who is going to decide our future -- Federal judges or us.  Next stop on this issue for California is the Supreme Court.  Sadly, previous rulings on this topic by the high court are pointing to a 5-4 decision in favor of same-sex marriage.
 

Cuccinelli on Greta Explaining Judge's Decision on Heathcare Lawsuit

Last night, Virginia AG Ken Cuccinelli appeared on Fox New's "On the Record with Greta" to explain the decision against the Federal Government's attempt to dismiss Virginia's lawsuit against ObamaCare.  Current score:  Cuccinelli 1, Obama 0 after the first inning.  Big first step, but a long way to go....