That revelation, which was greeted with a ho-hum by the media, basically announced that by 2033, 21 years from now, the so-called Social Security trust fund will be empty. The only reason this was even announced is because we are approaching a presidential election campaign, and...
Open your wallet, Andy, and take out the currency in it. Are those greenbacks "money"? No, they're IOUs. Do you think that your bank has what you consider your money safely squirreled away like gold ingots in a vault? If you do, than you're a fool. Your account is basically another" form of IOU. Your bank has only a small fraction of its total assets (deposits) in the form of cash reserves. The rest is no more "real" than the assets of the Social Security Administration. How can you function and be so shamefully uninformed?
When Texas Gov. Rick Perry, then in the early stages of his short-lived quest for the Republican presidential nomination, referred to Social Security as "a Ponzi scheme," he was excoriated by the press, left and right, and by his fellow Republicans, as well. Earlier this week, government actuaries revealed that Perry was correct.
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