http://www.americanthinker.com/blog/2010/03/social_security_slush_fund_now.html
March 28, 2010
Social Security Ponzi scheme unraveling
Monty Pelerin
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The darling of the politicans in Washington has become not-so darling. Social Security, for decades a hidden slush fund that allowed pols to spend beyond what they taxed, has turned into an albatross. The Ponzi Scheme has unraveled.
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Last year the crossover estimate was revised to 2017. Surprise! Surprise! The program is now in deficit. From this point on, there is nothing for politicians to “steal” from the “trust fund.” Instead, they will have to use general tax revenues to fund Social Security shortfalls. The fund has flipped from a cash-generator to a cash-eater.
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At some point the privatization idea will be raised again. This time it will receive “broad political support.” There will be no principle involved. As a slush fund, the program had value for pols. As a cash drain, it is a liability that cuts into the “profitable” part of their criminal enterprise. It will be exorcised in some fashion.
It will likely be dumped on the American people, in the same fashion that bad banking loans have been.
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You’ll get privatized now. When it’s worthless. The congresscritters have lied to the Sheeple. Now, when it comes time to collect on these promises, Old Mother Hubbard’s cupboard is bare! And, the poor young workers won’t want to transfer wealth tot he rich old people. Will then we get get “health rationing”? OK Grandma and Grandpa, here’s your Titanic ticket. Have a nice cruise. At least, the Eskimos put the old people on an iceberg. No illusions. (Does any one know if that is a real fact or just another urban legend?)
But, get ready, the population demographics have changed and the Social Security Ponzi scheme is unsustainable.
You don’t think the congresscritters are going to give up their retirement; do you?
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