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...
The "trust fund" is just IOUs from the feds to the feds. There's nothing tangible in it. No productive resources have been developed or set aside to form the basis for payments. There is only the blind trust of older Americans that politicians will continue to rip off younger generations to pay their expenses.
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.
- Quotes of the day Allahpundit 1 hour ago
- Video: Nothing to see here: Obama is “Faithfully executing the laws” Jazz Shaw 2 hours ago
- Congressman Bob Goodlattte assures us that there is no impeachment in the offing Jazz Shaw 4 hours ago
- The border crisis isn’t Obama’s Katrina – it’s worse Noah Rothman 5 hours ago
- Uh oh: Moscow claims Ukraine attack inside Russian territory killed civilians Noah Rothman 7 hours ago
- The Lerner Files: “smidgens upon smidgens” of corruption Jazz Shaw 8 hours ago