Defenders of the Social Security system will do almost anything to cover up the fact that it is going bankrupt. Statistically, there is no place for it to go except bankruptcy.
Of course, the debate over Social Security is economically irrelevant, because the magnitude of the unfunded liabilities of Medicare are so gargantuan that these will bankrupt the federal government long before the Social Security system goes belly-up. I mention this to remind you that the defenders of the Social Security system are always also defenders of the Medicare system. They are peas in the same pod.
Because of the inevitable default of Medicare, due to the present value of its unfunded liabilities, which is in the range of $200 trillion, I really do not pay a great deal of attention to Social Security, since the system is utterly doomed because of the effects of Medicare. Both systems will go belly-up. Both systems will be part of the Great Default. The bankruptcy of both systems will finally expose their lifelong defenders as deceivers, cheats, and incompetents. They are people who have spent their lives defending the idea that the federal government has a moral right and legal obligation to send out someone with a badge and a gun and take your money for the sake of buying votes, but all in the name of charity. As you may suspect, I do not think highly of these people. “You paid for it,” they tell the fleecers and the fleeced. No, they didn’t. And now that this gigantic Ponzi scheme is moving into the inevitable negative returns phase. Its defenders grow more frantic to cover up the economics of the most widely trusted fraud in actuarial history.
Among this group of promoters of political plunder, Alicia Munnell is high on my list. I have followed her career for about 35 years. She is probably the most well-known expert in Social Security who is on the Democrats’ side of the debate. Whenever a mainstream news media reporter wants a few favorable words about the Social Security system, the obvious choice is Professor Munnell.
(For my line-by-line refutation of Dr. Munnell’s fantasies, click the link.)
If SS and Med a care are broke than the government is broke. Why, because congress and the president, both past and present has allowed it to go on. The abuse of our tax dollars in these accounts shows the lack of proper representation of taxation of the American people. All taxation should stop until we the people are properly represented. If this can not happen we should all file for bankruptcy in Federal Court Pro Se. This would put all accounts for all filers on hold for the better part of three months. From credit cards to home loans to taxes, all would be put on hold. How would the banks, corporations and government operate with a three month hold on all income? Time to find out about the TPP treaty being done behind closed doors too. This treaty will supposedly hand the US over to the giant corporations and bring the end to America! Maybe that's why it's secret?
If Congress had not stolen billions of dollars from the Social Security Trust Fund, this would not be happening. They were able to 'give' over 96 billion dollars to Iran, not a loan but a gift. If they can do that, then there is no reason why they can not replace the stolen money to the Social Security Trust Fund!
I still believe he fell in with the wrong crowd and we need to show him the way back to honesty
You know, if the government put back all of the money that was stolen from the Social Security System And Paid the interest that would have drawn for that time since it was stolen. Then replace the money paid out to those that never paid in a penny and the interest for that money. Next they would need to go to the original plan of operation for SSN, there would be a surplus for those that are supposed to draw. This is not an entitlement, it is an investment that was to be overseen by the government because who else can you trust. I will never draw anywhere near what I have paid in much less any interest on it. I have to pay in and without my consent pay someone too sorry to obey the laws of immigration. I would have a good retirement if I had invested that money in industry but I was given no choice regardless of what was on the original documents that established the SSN. Well thief's are everywhere and they are that even if they were elected. Of coarse that is just the opinion ofe one country boy.
For years I've heard that the Social Security Trust fund is has no money and is filled with I.O.U.s from congress. Then there is the long standing policy of providing money to illegal aliens from the Social Security Trust fund. Why? Money for foreigners should be paid for by the State Department. The astronomical increase in the cost of medicine is a well known fact. Why has this happened? Also the cases of fraud involving thefts from Social Security have been documented for years and I've never heard or read about the money being recovered. Lastly the incredible amount of advertising to "see your doctor" because "you may have this disease and ask your doctor for XYZ drug" is disgraceful. The medical profession and big pharma seem to be hell bend upon creating a nation of hypochondriacs. It's no wonder that the Social Security fund is in trouble.
President Reagan`s budget director, David Stockman, offered a great solution for the corrupt politicians in Washington, when he said, `if the Securities & Exchange Commission had jurisdiction over the Executive & Legislative branches, many of us would be in jail.` Amen.
Wasn`t Mr. Madoff charged by the SEC?
Why is Social Security bankrupt?
Because in 1964, a Democratic President wanted to fight a war without raising taxes. Like Obama, he happened to have a House and Senate controlled by his own party. They willingly wrote legislation to unilaterally redefine the Social Security contract with the American people, giving the President the authority to "borrow" the Social Security fund.
The money was nevrer paid back. The government never repays its outstanding loans, only the interest on them, It may borrow from Peter to pay Paul, but only the name of the creditor(s) change(s.) –and of course the size of the debt increases..