Social Insecurity Starts

(11 am. – promoted by ek hornbeck)

PARKERSBURG, W.Va. (AP) — The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.

It’s time to start cashing them in.

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.

Not anymore. 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.

Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg’s municipal offices.

 -The Associate Press.

http://www.nytimes.com/aponlin…

Now where did this money go?  Well, we here all know that don’t we?

The national debt — the amount of money the government owes its creditors — is about $12.5 trillion, or nearly $42,000 for every man, woman and child in the country. About $8 trillion has been borrowed in public debt markets, much of it from foreign creditors. The rest came from various government trust funds, including retirement funds for civil servants and the military. About $2.5 trillion is owed to Social Security.

”Those bonds are protected by the full faith and credit of the United States of America,” Kennelly said. ”They’re as solid as what we owe China and Japan.’

But, see they’re not.  The political plan is to keep on saying “Social Security is running out of money” — and to keep funneling that money into the hands of various corporate and military interests.  It has been a treasure trove to finance all these stupid wars and stuff.

So, sorry. You’re 62,63,64,65,66,67,68,69,70…..

You’ll always be one year late.

Even though YOU payed for it.