Sunday, March 14, 2010

Social Security Ponzi Collapses

Social Security to Start Cashing Uncle Sam's IOUs

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.

Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program 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 nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg's municipal offices. (emphasis mine)

The money that the Government put away for you (remember - you pay into a fund that is supposed to pay your money back to you when you retire) is gone. It doesn't exist. All of those funds they were collecting for all those years - YOUR FUNDS - has been pissed away on unneeded inferior widgets produced by inferior companies that just happen to have connections in Congress. It's official, it's ALL GONE.

The national debt — the amount of money the government owes its creditors — is about $12.5 trillion, or nearly $42,000 for every man, woman and child in the country. About $8 trillion has been borrowed in public debt markets, much of it from foreign creditors. The rest came from various government trust funds, including retirement funds for civil servants and the military. About $2.5 trillion is owed to Social Security.

The Government takes in about $2 trillion a year in taxes, payments, or what have you. That's the "salary" of the Federal Government, ALL of it each year. That's your money out of your paycheck, when you buy gas, food, alcohol, make a profit on stocks, etc. etc. etc. We owe SIX TIMES that much to various entities, much of it to foreign nations hostile to the United States. And yet Obanana and his useful idiots in Washington are spending $1.5 trillion MORE this year than they could even hope to take in. That's like a family making $50,000 a year spending $75,000 in a particular year when they ALREADY owe creditors over $300,000 (and we're not talking mortgage debt on a house here)! How can anyone POSSIBLY think that the Feds can EVER pay that back?

Look in your bank account and ask yourself the following:
Do you have $42,000 for EACH of your family members (yes, that includes 6-month old Trevor) to just give to the Government? Because that is what it's going to take to clear the books out RIGHT NOW. Give those bastards in Washington a few more years and it will be far more than that.

It's time for the States United to say "NO MORE" and cut the Federal Government loose. Repossess their properties among the States, including all of that land they just like to up and grab when they feel like it (National Parks anyone?), and see how long they last with the District of Columbia as their only source of material income.

I don't know about you, but I'm tired of our currency being treated as funny money, our children, childrens' children, and childrens' childrens' children reduce to nothing more than cows to be milked at will by corrupt and evil people, as well as slaughtered when those people get the urge to exert their "authority".

Screw 'em. Let their empire burn. It's time for the States to save themselves before things get really bad.

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