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March 15, 2010
The Headlong Rush to National Bankruptcy Continues
Posted by Gregory of Yardale at March 15, 2010 3:04 PM
Social Security --- one of those model socialist programs the progressive left enjoys pointing to as an example of the wonders of Government --- is officially broke, and is going to have to cash in Treasury Bonds in order to make up the difference between what's being paid into the system and what's being paid out.
There is no Social Security trust fund. Congress has been raiding it for decades to pay for other social programs, and stuffing it with IOU's. Now, the Social Security Administration is going to try and cash in the IOU's.
All in all, Social Security has $2,500,000,000,000 (two-point-five trillion) in IOUs. Social Security and Medicare together have an unfunded liability of $101 Trillion.
Sounds like a great time for Congress to ram through another multi-trillion dollar socialist entitlement program, doesn't it?
