By Richard Russell in Dow Theory Letters:

Projections made last year did not show a deficit in the Social Security program until 2017. Guess what? Projections made this month show a S.S. deficit for this year!

The incorrect government projections were based on unemployment being at 8.2% in 2009 and 8.8% this year. The projections were based on a quicker and stronger recovery from the recession. The S.S. shortfall this year will be about $29 billion.

Oh well, a billion here and a billion there and pretty soon you're talking about real money, as Congressman Everett McKinley Dirksen famously said.

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from the great Richard Russell:

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Richard Russell: There is serious trouble in the bond market