Here comes the next great Ponzi scheme... welcome Social Security and Medicare.  Current taxpayers are paying for programs that won't exist when it's their turn to start collecting.  Bernie Madoff is little league compared to this Major League Ponzi Problem.  Social Security and Medicare are both heading for insolvency in no time.

Social Security will start paying out more in benefits than it collects in taxes in 2016... yes, that's only 7 years from now and a year sooner than projected last year.  The giant trust fund will be depleted by 2037... that's before a lot of taxpayers will even be eligible for benefits.

Medicare is in an even deeper hole. The program will pay out more in benefits than it collects this year (yes 2009), just as it did for the first time in 2008. The Medicare fund will be depleted by 2017, two years earlier than the date projected last year.  That is some scary news... and the actual article below is even scarier.

Read more here.