Social Security Makes History With Negative Cashflow

From Bill Bonner - the Agora Financial folks who also write The Daily Reckoning. This is from their president and Chief Editor, Bill Bonner (by the way, he is also a huge proponent of wealth hedged in gold coins and silver coins):

"The US government is going broke.

An item in The New York Times tells us that for the first time in its history, this year the Social Security program is turning cashflow negative. Social Security "surpluses" were the source of the Clinton administration's claim to have been running a balanced budget. Well, it was balanced...if you counted the excess Social Security contributions.

But now the Social Security system is running in the red, just like everything else."

The last line of Bill's book Empire of Debt from 2005 was "...and buy gold." That is golden advice.