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From a recent Yahoo article by Stephen Ohlemacher, Associated Press Writer:
"For the 1st time since the 1980s, when Congress last overhauled Social Security, the retirement agenda is projected to pay out more in benefits than it collects in taxes - nearly $29 billion more.
Sounds like a good time to start tapping the lair eggs. Too wrong the federal government already spent that money over the years above other programs, preferring to borrow from Social Security rather than diplomatic creditors. In return [link widoczny dla zalogowanych], the Treasury Department issued a pile of IOUs - in the form of Treasury bonds - which are kept in a nondescript bureau creating just down the street from Parkersburg's municipal offices.
Now the administration will must borrow even more money, many of it abroad, to start paying behind the IOUs, and the timing couldn't be worse. The administration namely projected to post a log $1.5 trillion dollar allowance shortage this annual, followed by additional trillion dollar deficits for years to come."
It does no take a Wharton Business School graduate to discern our money is being played quickly and angry. Adding insult to injury, the debt is being backed by worthless bonds. Where did the money go? Don't query, you might find yourself shopping for pails of tar and sacks of feathers.
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