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.
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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 ...
The government forced employers to withhold money from employees paychecks, and turn it over to the government for safe keeping for the employees retirement. Rather than save the money that was collected, the government paid whatever it needed to, and looted the rest of the money on all the other frivolous things that governments waste money on. If an individual did this, it would be called a Ponzi scheme.
The federal government is trillions of dollars in debt. They no longer have the funds to pay out to the people who have been paying in for their lifetimes. Not a problem. The United States Treasure can always print more money. If an individual did this, it would be called counterfeiting.
Fortunately, we have the government to brainwash us into believing that government looting special savings accounts is not looting. Fortunately, we have the government to brainwash us into believing that a bankrupt government printing more paper money is not counterfeiting and it will not destroy the economy.
Aren't you glad we have the federal government to depend on for our retirement?
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