Monday, May 25, 2009

Hey! Maybe there IS a crisis?

The unfunded liability of Social Security and Medicare is now over $100 trillion, i.e., we would need $100 trillion in the bank today to pay future benefits.

Clue: we don't have $100 Trillion in the bank. The only thing in the social seciurity "trust fund" are IOUs left there by Congress when they took the surplus and spent it on other things.