Social Security Cashing In Their IOU’s

If you need another example of why we do not need another government entitlement, look at the situation that Social Security is finally in.

“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.”

What does this basically mean? Well Social Security is broke, and now it has to borrow more money from the government. However, the federal government is already broke too.

The American economy is in great danger, and more debt and more entitlements are not needed!

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