Social Security: "Here It Comes"
Monday, March 15. 2010
Posted by
Karl Denninger
Now the interesting part of the game begins.... http://www.nytimes.com/aponline/2010...ef=global-home
Quote:
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This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes -- nearly $29 billion more.
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In a world where we talk about trillions, this doesn't sound like much. But it's not the amount that's the problem - it's the direction.
For decades government has cooked its books by stealing the Social Security taxes you pay. This was the infamous "lock box" debate had during Gore's campaign. Too bad Mr. "the world's getting hotter so I have to live in my 20,000 sqft mansion with the AC blasting in all 79 rooms" Gore decided to make a partisan political issue out of something that his boss (that would be Herr Clinton) had practiced himself to make the (false) claim that he had run a surplus!
There was no surplus in the 1990s folks. Clinton, like the Presidents before and after him (from both sides of the aisle) simply stole the FICA tax receipts, replacing them with non-marketable bonds.
If you're wondering why we have hinky accounting in our banks, a good part of the reason is that our government cooks the hell out of the books themselves.
There's little reason for private business to behave ethically when our government won't, and there's little risk of prosecution when the scamming starts at the very top.
PaL: (
Monkey See, Monkey Do!!!
)
Continues: http://market-ticker.denninger.net/a...-It-Comes.html