Whenever I hear a liberal MSM talking head say that Social Security is not a problem, I want to throw something at the TV. Obama and Romney both declared the Social Security system sound. They lied to the American people that it will only require minor tweaks to keep it solvent for a hundred years. Liberals hate math. The Social Security System has an unfunded liability of $18 trillion. This means our politicians have promised $18 trillion more than they can possibly pay out. I guess $18 trillion is trivial to a liberal minded person like Krugman or Obama. Lucky for them that 99% of all Americans don’t understand what unfunded liability even means. The chart below gives the gory details. The Social Security system had a negative cashflow of $47.8 billion last year, after running a $48 billion deficit the year before. You may notice that 77% of this deficit was created by the SSDI program, where the depressed masses gather after their 99 weeks of unemployment run out. Do you have a headache? Are you depressed because liquor stores don’t accept food stamps? Did you pull a muscle getting on your government provided rascal? Trouble hearing your Obama phone? Then you are eligible for SSDI.
The funniest line item on the chart is the Assets at End of Year line, which shows the Social Security system having $2.7 trillion. Even using this funny number, the SSDI will be broke in three years. Al Gore told us this money was in a lockbox. They take it out of your paycheck and put it into a fund, waiting for you to retire and collect what you’re owed. Right? Wrong! If you tried to observe the vault with the $2.7 trillion on deposit, you’d be looking for a long long time. You see, the noble politicians in Washington DC took the $2.7 trillion and spent it on undeclared wars overseas, ethanol subsidies, investments in Solyndra, turtle crossings, tax breaks for hedge funds, TARP, bailing out AIG, subsidizing GM, $800 billion stimulus packages, cash for clunkers, homebuyer tax credits, predator drones, DHS, Sandy relief and thousands of other buckets of shit. There are nothing but IOU’s in the vault. The $2.7 trillion is long gone. The U.S. government had to borrow $47.8 billion to fund SS last year. They will have to borrow over $50 billion this year. There will be 10,000 per day turning 65 for the next decade. The borrowing will rise exponentially. If the $2.7 trillion actually existed, why would we need to borrow?
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Not to worry.. Due to inflation they are now paying back to social security investors only about 30 cents in actual value on each dollar that was paid in. All the money being created and printed with no value behind it will soon push it to 10 cents per dollar. The wild card in the equation is the payments to people who have not paid into the fund. But , then, the fund actually does not exist except on paper. Smoke and mirrors....
ReplyDeleteMSN latest news...quote: President Barack Obama demanded Monday that Congress raise the federal debt limit quickly, warning that "Social Security benefits and veterans' checks will be delayed if they don't," and cautioning Republicans not to insist on concessions in exchange.
ReplyDeleteComment: Notice that there's no mention of the welfare freeloaders losing their benefits. Must all be Democrats, I guess? It's a great scare tactic but the truth is Americans would be coming through the doors of the white house demanding their checks (money that they invested into the federal government throughout their working years. Bums get an all clear pass from their president, responsible humans get threatened by Barry Sorento!
The whole country is bankrupt. The only reason most people don't know it is because the government keeps injecting money into the system. It's called kicking the can down the road, but the road ends soon. Get ready for a total meltdown, complete with riots and anarchy in the streets. You will need your weapons and lots of ammo to survive.
ReplyDeletethey are not broke. they want you to think that so they can push through whatever it is they want to push through.
ReplyDeleteIt's the same ole scare tactic they use over and over to get what they want.
They know the sore spots to poke. They know the reaction they will get if they push this button or that button.
Step back and look at the bigger picture and see what they are doing and you may see their real target.