I know, it’s a provocative question. But the fact of the matter is, the promises that most of this country has relied upon for their golden years are falling like dominoes, far faster than anyone predicted.
The Congressional Budget Office (CBO) released an estimate this week that Social Security will pay out $45 Billion more in benefits than it takes in via payroll taxes.
And that doesn’t include the recently passed one year cut in payroll taxes. Add that in and the Social Security deficit is $130 Billion.
That’s ok, right? We’ve got the Social Security Lock Box. Al Gore said so!
Well, no. See, that fabled ‘lock box’ is full of IOUs from Congress. There is no Social Security trust fund. Period. Every single politician that has discussed said ‘lock box’, regardless of what side of the aisle they’re on, has lied to you about it.
They lied, while they plundered the coffers.
Those IOUs is $4.652 TRILLION in debt that the Treasury has to pay out. It’s not legally debt, due to accounting shenanigans, but before Social Security can spend it, we will have to formally add that amount to the Federal deficit, creating new debt.
That means there’s another $45 billion (at least) being added to the national debt from Social Security alone this year. Next year, add another $180 billion. And add that $180 billion every year for the next twenty or so years.
Rudy’s Note: $4.652 Trillion Dollars is: $4,652,000,000,000 … that’s quite a few zeros
And by 2037, the CBO says the IOUs will be exhausted.
And oh by the way, these projections assume that tax revenues will increase by 40-50% over the next two years. Last time I checked, the economy wasn’t really growing all that much. But the CBO thinks that somehow we’ll get another $1 Trillion in tax revenues a year in 2013? Yeah right.
Talk about a setup for massive intentional inflation…
So with all that said, I have some questions for you:
How is your food storage?
How is your health?
How is your financial health?
How are you set for guns? Precious metals? Tools?
What about the stuff you need for daily life?
Have you started gardening yet?
Get cracking. Time grows short.