Friday, May 13, 2011

There is NO Social Security Trust Fund, zero, zip, nada

The article linked below from the LA Times implies there is a pile of money somewhere called a Social Security trust fund and it will run out in 2036. That is a LIE. Social Security is already paying out more in benefits than it collects in taxes, the idiots in Congress have already bankrupted Social Security. The trust fund is a bunch of IOU's which the taxpayers will have to pay back because the idiots in Congress spent the money in the trust fund and put IOU's in their place.

Try this, go out and buy $10,000 worth of clothes on your credit card. Then place the clothes in a big pile, pour gasoline over them and burn them. You will then have a $10,000 credit card trust fund in the same way that Social Security has a trust fund.

Caught in the sluggish recovery from the last recession, Social Security and Medicare face an increasingly dismal fiscal future, the federal government reported Friday in its annual review of the two mammoth entitlement programs.

Medicare, which now provides health insurance to some 47 million elderly and disabled Americans, could begin running a deficit in 2024, five years earlier than projected last year.