"A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of helping to finance the rest of the government, as it has done for decades..."
Basically, what this is admitting is that the Federal Government has taken investors' money, and instead of actually putting it to work, they've used it to finance their own lifestyle, and pay off former investors. Just like Madoff was doing, before the market crashed and the money tightened down, blowing his cover.
I don't necessarily think we should cut off those who've paid in their whole lives and have retired; however, I do think we need to cut off any further payments, and force people to start being accountable.
We should have called the Federal Government onto the carpet when we first learned what they were doing with our Social Security taxes, and forced them to stop.
Or else, made Ponzi schemes legal for the average con-man to enact.
I am working on a "KITING" post---
ReplyDeleteWhat Does Kiting Mean?
1. The act of misrepresenting the value of a financial instrument for the purpose of extending credit obligations or increasing financial leverage.
2. A fraudulent act involving the alteration or issuance of a check or draft with insufficient funds.
Ah. You mean what the federal government did with Social Security. Or Fannie Mae and Freddie Mac. Or what they're doing with writing checks that we as a nation don't have funds to cover. Or--
ReplyDeleteWell. There're too many examples of the explanations you gave of the fraud the federal government is perpetrating on us all.
I think the government is wise to my 95% of the populous theory--that's why they do all the asinine stuff they do!
ReplyDelete