Social Security: Doomsday is On Schedule
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The Social Security trustees have just released their annual report of the health of the system. The report was delayed by some remarkably silly political wrangling, even by Washington standards -- see my recent post; see also this post regarding last year's report.
The core date for the final, irrefutable exposure of the fraudulent Social Security "trust fund" has not changed -- Social Security expenditures are still estimated to begin exceeding Social Security taxes beginning in 2017, at which time those "government securities" being kept in a filing cabinet in Virginia will be shown to be utterly worthless, as any "IOU from yourself to yourself" must be. The estimate for the (utterly irrelevant) "trust fund exhaustion date" was accelerated from 2041 to 2040.
On a side note, congratulations to the Medicare Hospital Insurance "trust fund," which goes into deficit this year, and to the Disability Insurance "trust fund," which went into deficit last year. Let's see how the government tries to spin the need to "pay back" those trust funds with taxpayer dollars, or increased budget deficits, while continuing to insist that there were "real assets" somewhere in those now hollow accounts.
The core date for the final, irrefutable exposure of the fraudulent Social Security "trust fund" has not changed -- Social Security expenditures are still estimated to begin exceeding Social Security taxes beginning in 2017, at which time those "government securities" being kept in a filing cabinet in Virginia will be shown to be utterly worthless, as any "IOU from yourself to yourself" must be. The estimate for the (utterly irrelevant) "trust fund exhaustion date" was accelerated from 2041 to 2040.
On a side note, congratulations to the Medicare Hospital Insurance "trust fund," which goes into deficit this year, and to the Disability Insurance "trust fund," which went into deficit last year. Let's see how the government tries to spin the need to "pay back" those trust funds with taxpayer dollars, or increased budget deficits, while continuing to insist that there were "real assets" somewhere in those now hollow accounts.
Related Posts (on one page):
- Social Security Trustees: Doomsday Still On Schedule
- Social Security: Doomsday is On Schedule
- Where is the Social Security Trustee Report?
Posted by Kip on
1 May 2006
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