The Social Security bill has arrived. Everyone knew it was coming; G. W. Bush tried to do something but the American people, and Congress, said no. Now, the bill is in the mail.
Congress has, for decades, borrowed the money supposedly put in a 'lockbox' for future retirees. A small town in West Virginia holds the IOU's issued by Congress so they could legally spend America's future. Roughly 2.5 trillion dollars has been borrowed (stolen?) from Social Security to fund the runaway spending, and the time has come to call in the debt.
Spending on Social Security this year will exceed the income into the fund by about $29 billion, creating a deficit in the program. All of the IOU's languishing in files will now have to be paid in order to continue funding benefits for those retiring this year. With the horrendous deficits caused by profligate spending, by both parties, Congress now will have to add more deficit spending to pay back the SSA.
Instead of being honest and prudent caretakers of the money people have paid into the system for their entire working lives, Congress has been on a spending binge for years. Now, the taxpayer again must foot the bill for their lunacy.
Mary Johnson, an analyst for The Senior Citizens League, said this, "This is not just a wake-up call, this is it. We're here. We are not going to be able to put it off anymore."
As long as the IOU's last, and the government can continue to borrow, benefits will be paid. But, what if you're one of those who plan to retire after 2037? The honest truth is you may be out of luck, along with every retiree still living then.
As it stands, the IOU's will only last that long. Then what? The experts don't know the answer, except to caution everyone to plan for his or her own retirement, and not rely on the government to fund it. The ride is over, but the uncontrollable Congress will most likely continue to raid the money locker of funds paid in to the program, and issue IOU's to pay off the other IOU's.
How long can this charade continue before America is really bankrupt? You think it can't happen? Wake up, look around at the rest of the world, and you'll see that it IS happening in other countries. Yes, America is exceptional, but it's not immune to the forces of nature, or the forces of finance.
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