Social Security to start cashing Uncle Sam's IOUs LOL

[peaceandlove]

Originally Posted by mntruthseeker

Geeze you suppose they can go print up some of that stuff called money ?

the joy of spreading fear.

Hellooooooo.....its tiring, I know.

Blah, Blah, Blah, Blah!



Social Security to See Payout Exceed Pay-In This Year

Posted by Matt Hawes on 03/25/10

Via The New York Times:

This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office....

Mr. Greenspan recalled in an interview that the sour economy of the late 1970s had taken the program close to insolvency when the commission he led set to work in 1982. It had no contingency reserve then, and the group had to work quickly. He said there were only three choices: raise taxes, lower benefits or bail out the program by tapping general revenue.

The easiest choice, politically, would have been “solving the problem with the stroke of a pen, by printing the money,” Mr. Greenspan said. But one member of the commission, Claude Pepper, then a House representative, blocked that approach because he feared it would undermine Social Security, changing it from a respected, self-sustaining old-age program into welfare.

Read the rest: http://www.nytimes.com/2010/03/25/bu...social.html?hp

SOURCE: http://www.campaignforliberty.com/blog.php?view=33990