The Korea Times
The long-promised bankruptcy of Social Security is coming into view, with the Congressional Budget Office (CBO) warning checks could be automatically cut by 20 percent in just six years.Will we spend our golden years driving delivery for the golden arches? The CBO is warning that, under current law, Social Security checks will automatically shrink because the so-called Trust Fund runs out of money. These cuts could hit 20% to 25 percent, which would reduce payments by up to $900 a month for the typical couple. The CBO is raising the alarm in hopes Congress will act, which is, of course, delusional. Neither side of the aisle is willing to be the guy who tells the party there's no more booze. The background here is Social Security was set up not, as many Americans seem to think, like a savings account, but as a Ponzi scheme. The program takes your payroll tax, hands it to Congress to blow on whatever it wants, and puts IOUs – treasury bonds – into a pot hilariously called the Social Security Trust Fund.So there was never any money in the Trust Fund – just IOUs. The scam relied, as a
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