If you thought the news of the deficit was bad, it's about to get worse ... Social Security is officially broke. The CBO's latest estimates now place the program in permanent deficit.

No doubt were going to find some Democrat or some government official who is going to stand up anytime this week and tell us that Social Security is totally solvent. There is also no doubt that some Democrats are going to start screaming that we need to raise Social Security taxes on the evil, disgusting, pathetic rich people. Now by rich people they mean anybody who operates a business that makes over $200,000 a year.

The country of Chile recognized that there this problem many years ago. Space they thought would be a good idea to copy our Social Security system. Space evidently they had some economists in Chile who soon recognized what a disaster they had in the making. They immediately turned to a plan that included private accounts, and they stopped pouring Social Security funds into the general treasury.