It is already worth a lot more... Confederate $5.00 bill.
Current price? $20.49
.
Posted on 04/04/2010 9:30:00 AM PDT by Kaslin
This year Social Security will hit its budget crisis, seven years ahead of schedule. In 2010, the wizards in Washington will have to pay out more to beneficiaries than we’re paying in via our payroll taxes.
During the Bush years, in the wake of proposals to set up private, individual retirement accounts — and not run Social Security as a huge Ponzi scheme — politicians seemed to stand together on one foothold of common ground: 2017 (the prophesied year of redness) was a long way off.
Critics of the administration’s proposal did more than suggest that Bush was out to ruin Social Security. But, ahem, now the crisis is here.
Politicians did think they had some time. The first year of running into the red was thought, then, to be more than a decade away.
Decades just aren’t what they used to be.
It’s obvious to those with common sense (may I say, especially to readers of my Common Sense e-letter?) that timing is important. Hit the brakes before impacting the wall. You prevent disasters, don’t wait for them to happen, and then “heroically” step in.
Enter stage Left: Democrats’ support for their just enacted and signed-into-law medical reform package.
Wise counsel would have them fix existing entitlement programs before inventing new ones. But to excite their base for this year’s congressional elections, the Democrats fiscal fix was to apply for a new credit card, max it out on new spending, and let older debt lurch closer to default.
Guess that’s it then!! Baby boomers being at the bottom of the ss pyramid scheme will get zero!!! 50 years of paying in to this scam and nothing to show for it. The system is going to crash and sooner that most expected
To the Editor:
For quite a number of years we have heard that Social Security is going to be broke by this date or that date. The last so-called fix was in the 1980’s, a fix that was supposed to keep S.S. system solvent for all time. But, why is S.S now in danger, again?
The ‘Great Recession’ and high unemployment not with standing, the problem with S.S. really began in the 1960’s when Lynden Johnson was President. The ‘Independent Trust Fund’ had a large reservoir of money trapped within it. The combination of a Democrat President and a Democrat controlled Congress coupled with the long, pent-up willingness to tap into that wad of money gave the impetus for taking it out of the ‘Independent Trust Fund’ and rolling it into the ‘General Fund’.
Within a short time that money was spent. But, each year S.S. generated billions in surpluses that went into the ‘General Fund’. Congress spent that as well. But they had the Treasury Department issue special bonds (I.O.U.s), which now total $2.5 trillion. Is it possible these bonds might be worth the paper on which they are written?
Then, President Clinton, with Al Gore’s tie-breaking vote in the Senate, signed a law that now makes 85% of ones S.S. benefits subject to income tax. Wonderful!
Folks, our Country is bankrupt. Dare we admit that? Do any of you believe that Congress will pay back that $2.5 trillion, let alone put us on the path to fiduciary solvency?
Donald Parmentier
Yakima, WA
The plan is to pay them with Confederate Money.
They are planning the next crisis and want to move up the timeline.
The faster this system collapses the better.
And I mean the entire monetary system.
The only way to make the recipient class understand who pays their bills is to starve the livin hell out of them.
Let me correct you:
The ‘Great Recession’ and high unemployment not with standing, the problem with S.S. really began in 1935 when Franklin Roosevelt was President.
Its another government program, like so many created around that time and since, that never should have been started in the first place :/ LBJ just took a bad idea and made it over 10 times worse
>The plan is to pay them with Confederate Money.
Ouch!
But then again, it may be just a little while until Confed money is worth more than the USD, especially with all the policies Government is pushing.
Obie will take over all pension plans (except the unions) for the common good and "redistribute the wealth."
It is already worth a lot more... Confederate $5.00 bill.
Current price? $20.49
.
That’s only 0.98% annual interest compounded over 145 years. That didn’t even keep up with inflation.
On the other hand, perhaps $20.49 - current - depreciated for inflation over 145 years is on par with Confederate $5 purchasing power (then). Dunno.
If the trust fund had been left in place then SS would not have a bunch of worthless IOU's in a file in place of the $2.5 trillion that has literally been stolen.
This is not unlike the unfunded pension funds that some of the unions have absconded with.
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