Tax Guru – Ker$tetter Letter

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Archive for September, 2021

Eventually All Ponzi Schemes Collapse

Posted by taxguru on September 2, 2021

This shouldn’t surprise anybody.

Social Security funds could run out of money sooner than expected, forecast warns (Fox Business)

Social Security Costs Expected to Exceed Total Income in 2021 as Covid-19 Takes Financial Toll (Wall Street Journal)

Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says (CNBC)

Accounting Critic Says Biggest Problem Facing Social Security, Medicare Is Trillions in Unfunded Debts (The Epoch Times)   PDF version of this article

 

What is disappointing from a reporting perspective is that these supposedly objective news services use the term “Trust Fund” to describe the money allocated for Social Security benefit payments.  It has been common knowledge for decades that there is no such thing as a separate secure bank account holding the FICA and Self Employment taxes that we have been paying in during our working careers.  That money has been commingled with the Federal government’s general funds and pissed away like the rest of it. 

As I often mention, if a private non-government custodian of retirement funds were to commingle that money, s/he would be sent to the slammer for a very long time, just as Bernie Madoff was.  Instead, our rulers become multi-millionaires by diverting our “Trust Fund” to their campaign contributors (aka bribers).

Posted in SSA | Comments Off on Eventually All Ponzi Schemes Collapse