U.S. Social Security Will Go Bankrupt in 2010
Politicians want to take credit for expanding Social Security benefits and eligibility for their constituents, confident that the bill will be paid by something called "The Federal Government." But inevitably, those bills are going to be dumped on us.
That's when the crisis becomes a catastrophe, says Gary North.
posted by Old Rebel @ Wednesday, December 09, 2009
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It's already bankrupt. Many people think that they pay into an account which is stored somewhere and then they collect it when they get old. Actually, Washington, DC steals money from you all through your life, spends it on wars and various other things, then steals from other people to give a bit back to you when you get old. It's a Ponzi scheme that ties everyone to the central regime.
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