“the Social Security trust fund”
There lies the deceit. There is no Trust Fund. It was raided long ago. Now its a pay as you go IOU.
“There lies the deceit. There is no Trust Fund. It was raided long ago. Now its a pay as you go IOU.”
It’s aways been seen as a pay as you go program. The problem is that early on the Congress spent the excess revenue that was generated, so that now this Ponzi scheme is going belly up sooner that it would have if the Congress hadn’t pi$$ed away the money. Beyond that the Congress also added “benefits” that were not paid for, which have also hastened the demise of the program.
And no one is considering what happens if there is another financial crisis. US Government deficit will easily go above $1.5 Trillion and if unemployment climbs to 8-10%, contributions to S.S. trust fund will drop drastically.