THE BIG SOCIAL SECURITY "I.O.U."

The problem with our so-called Social Security system is that it’s being run on a deficit.

For over twenty-nine years I contributed a goodly portion of my income to the Social Security system, with the understanding that I'd get that money back in benefits after I retired. But in addition to the money I paid to Social Security, I also put a portion of my earnings into a 401(k) savings plan, where the money actually went into an account where it grew into a nest-egg that allowed me to retire at the age of 56 in early 2004. I haven't collected a dime of Social Security benefits yet.

Everybody who get’s a pay-check and has taxes deducted also pays into Social Security. But Congress isn’t putting that money away and saving it for us. They’re just taking the money that goes into it, paying the current benefits of those who are entitled, and spending the rest. It’s not going into a savings account or into Ft. Knox or any where else. Congress is spending it and writing a big I.O.U.

It’s incredibly irresponsible. Instead of making the program pay for itself, they're passing the debt (and the difficult task of fixing the problem) on to future generations. Any corporate officers who ran a business this way would be guilty of negligence and fraud and would face charges with the potential for years in prison.

But Congress can act like a crew of pirates as they plunder our retirement funds to pay for their favorite pork projects, and they've been getting away with it for years, while we quietly and obediently acquiesce and keep pouring our money into the black hole. Congressmen don't have to worry about their retirement, because they've already provided for themselves, and they get great benefits that are guaranteed.

But we get no such guarantee. Congress has made a promise to pay the money back, but they are under no legal obligation to actually do it.

Here’s an interesting illustration of exactly how it works at The Further Adventures of Silence DoGood. It’s chilling.

Um, one word of caution. The linked post doesn't exactly meet, um, Church Standards, shall we say. Yeah, the language gets a little...colorful.

Have a nice day.