WyBlog, the best thing about New Jersey since the invention of the 24 hour diner.
Chris Wysocki
Caldwell, NJ
The nine most terrifying words in the English language are "I'm from the government and I'm here to help." - Ronald Reagan
Linkiest
CH 2.0 Info Center
The Jersey Report
Labor Union Report
Memeorandum
Net Right Nation
The Patriot Post Newsletter
Pajamas Media
PJTV
Victor Davis Hanson
J! E! T! S! Jets! Jets! Jets!
OpenVMS.org Portal
AVS Forum
NJ.com Caldwell Forum
The Caldwells Patch
The Jersey Tomato Press
"This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. It is being made available in an effort to advance the understanding of environmental, political, human rights, economic, democracy, scientific, social issues, etc. It is believed that this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit for research and educational purposes."
Social Security Deficits Now "Permanent"
Social Security will run a permanent yearly deficit when looking at the program's tax revenues compared to what it must pay out in benefits, the program's trustees said Friday…
Wait, what about that Lockbox? Where's the cash?
But, what's in the box?
Worthless pieces of paper. "Special Issue Bonds" aka "Intragovernmental debt." But not "debt" in the classic sense where it's listed as a liability on America's balance sheet like what what we owe to China. In fact these Special Issue Bonds aren't carried on the books anywhere and they're definitely not included in the National Debt.
Social Security has to live off what it takes in. And it's no longer taking in enough money to pay out all the benefits which have been promised.
I think the technical term for that situation is, "We're Fucked."
Posted at 10:26 by Chris Wysocki
[/news]
Comments | Perm Link |
Technorati Tags:
Social-Security
deficit
Medicare
Al-Gore
lockbox
debt-ceiling
|
Tweet
Previous: Econut NIMBYs nix NJ solar farm | Next: Guess what federal workers? Obama just stole your retirement money! |
Main |