The lie and Ponzi scheme that is Social Security is about to be exposed for all to see. As reported here, for the first time since the early 1980's The SSA is going to start tapping the US Government for money as it is paying out more in benefits than it is squeezing out of you and me. Huh? How is that possible?
Many Americans think their payroll taxes for Social Security go into "their" account for their future use. Sadly, that is not true. The Federal Government for years has taken that money to spend it on social programs and entitlements. The Government then gives SSA an IOU for the money it took.
So, what's wrong with that? Well, have you noticed recently that the Federal Government is $12 Trillion in debt? Oh, so you mean we would have to borrow money to pay back the IOU's? Yep, now you have the picture.
So, much worse than the early 1980's, get ready for screams that we have to "fix Social Security"! Three guesses what that means (and the first two don't count).
Higher taxes!!! See, now you know how it works. And those higher taxes will then go into "your" account for your future? Right? You better not say yes or I will have to come over and slap you!
1 comment:
Now the chicken come home to roost - this social security calamity is the beginning of inevitable sovereign default and bankruptcy, after which even these IOUs are worthless. Siphoning money out of Social Security via these IOUs in effect will just mean you were paying a higher, non-redeemable income tax all those years.
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