Social Security to start cashing Uncle Sam's IOUs
Submitted by meekandmild on Mon, 03/15/2010 - 17:57
PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It's time to start cashing them in.
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.
http://news.yahoo.com/s/ap/20100315/ap_on_bi_ge/us_social_se...
The article does mention, only briefly, that, even though the
original taxes paid in were supposedly "covered" (in the so-called "trust fund") by an IOU, those same taxpayers must now cover the cost of redeeming those IOUs, regardless of whether or not other foreign entities can be persuaded to purchase newer IOUs. A scam from the get-go. Makes Bernie Madoff look like a piker.
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"An economy built on fiat money is a society on its way to ashes."
Social Security should be repaid before any more war bucks
The issue is this...kill muslims or collect what you paid into social security.
END the FED before it ENDS US
I will take 1 millions $ at age 55 to be paid in...........
Full and consider it paid in FULL if the dollar does not COLLAPSE!!!
(I believe this is called HUMOR!!!)
"First they ignore you, then they laugh at you, then they attack you, then you win!"
GANDHI