WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Recession precipitates end to Social Security Ponzi scheme

Just as declining inflows brought about the end of the Madoff Ponzi scheme, declining inflows are accelerating the collapse of the Social Security Ponzi scheme:
The U.S. recession is wreaking havoc on yet another front: the Social Security trust fund.

With unemployment rising, the payroll tax revenue that finances Social Security benefits for nearly 51 million retirees and other recipients is falling, according to a report from the Congressional Budget Office. As a result, the trust fund's annual surplus is forecast to all but vanish next year -- nearly a decade ahead of schedule -- and deprive the government of billions of dollars it had been counting on to help balance the nation's books.

A thorough ripping of the Social Security fraud is over at Mish, including this gem:

Many liberal analysts reject the notion that Social Security needs fixing, arguing that the system is projected to fully support payments to beneficiaries through 2041 -- so long as the Treasury repays its debts.
My Comment: "...So long as the Treasury repays its debt" And exactly how likely is that? Has anyone looked at Obama's budget?

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