Home > News > Remember That Thing Bush Said Needed Fixing And The Dems Said Was Fine For Decades, Social Security? Yeah, It’s Broke.

Remember That Thing Bush Said Needed Fixing And The Dems Said Was Fine For Decades, Social Security? Yeah, It’s Broke.

What a shock.  The Dems were wrong about how much it would cost…  Bush was right and the Dems were wrong.  They clapped when the Social Security fix went no where.  Well, Dems?  Where is that thunderous applause now that we were right and you are proven wrong… again.

As Ed at Hot Air says "The wheels have begun to fly off the entitlement juggernaut."

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.

Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.

Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg’s municipal offices.

Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn’t be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.

That Sound You Hear? That’s The Piper And He Wants To Be Paid: Social Security To Start Cashing In Treasury Bonds Worthless Pieces Of Paper

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: