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
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.