YOu can read the article on Huffington Post... Our JUSTICE Department should have done this long ago..when they gave GOLDMAN SACHS worthless paper a AAA rating. ITALY knows about MAFIA type collusion.
Has anyone thought it odd when the debt ceiling was approaching why their was even talk of why social security checks wouldn't go out when there is supposed to be trillions in us govt bonds they could have liquidated?
here is why...
John Horgan: The truth about the Social Security Trust Fund
By John Horgan
San Mateo County Times
Posted: 07/20/2011 09:27:14 PM PDT
Updated: 07/20/2011 11:20:44 PM PDT
If nothing else, the ongoing fiscal debate in Washington has put to rest a blatant fiction regarding the fiscal health of the Social Security Trust Fund.
Frankly, it doesn't exist. It's a myth. On paper, the Trust Fund is supposed to contain $2.6 trillion, which will continue to grow over time. In theory, it is so flush that Social Security, even without a few tweaks, can continue to pay full benefits for the next 26 years.
Sorry, none of that is true. The fund is a hollow shell, nothing more than a mere optimistic concept today. Spokesmen for the White House, right up to and including the president himself, have said as much recently.
The latest declaration of the sorry state of Social Security came this week as the increasingly contentious debate over raising the nation's debt ceiling continued. The president and others have clearly stated that, if the debt ceiling isn't hiked soon, it is entirely possible Social Security checks will not be issued later this summer.
In other words, the Trust Fund is empty. It is actually filled with IOUs, promises to pay. The cash has been "borrowed" by the federal government to help finance its ongoing operations. At one time, the fund was separate and sacrosanct. It could be used only to nourish Social Security's future requirements. Several decades ago, that changed. The feds saw a healthy and burgeoning surplus in that account and went after it.
Now, as the government's mountain
of debt threatens to overwhelm us, some of those Trust Fund IOUs are coming due. Where will that money be found? It will be lifted from the wallets of American taxpayers, many of whom are the same fine folks who rely on Social Security, having paid into the fund for decades.
So, in a way, Barack Obama and his minions have done us all a favor. Once and for all, they have placed on the table the simple truth about the fund: It's long gone -- there's no there there.
Mocked during the 2000 election campaign for his persistence in advocating a "lock box" for the Trust Fund, Al Gore became an object of ridicule in some circles. But Gore, if you care to think about it, was right all along. Had the fund been protected, as it was intended to be, we wouldn't be having this discussion 11 years later. Who's to blame? The White House, the Senate, the House of Representatives, Democrats, Republicans, the entire collection of policymakers and federal pooh-bahs.
Who are the victims of this monetary sleight-of-hand? Just look in the mirror, pal.
I think because the poor pour a lot of money into them, hoping for the big win. They see it as their only way out. Of course we all read the stories of those that do win...very few turn out happy.
Interesting point, and one that I have considered for years.
Powerball, and other lottos give everyone the chance (although very small) to become very rich, for the investment of the price of a ticket.
IMHO - Tomcat
OBTW, most Democrats and liberals that I have met don't like lotterys. I wonder why!?
I'm glad S&P did this. IT's a shot across the bow for congress to wake up and DO THEIR JOB. I didn't send them there to blame each other for everything that the three parties have a hand in. All they do is posture and bicker. I say DO NOT ELECT ANY INCUMBENTS NEXT ELECTION.
We had a great man from Florida..Alan Greyson...who was standing up for the middle class...a little outrageous in his speeches...but he told the truth....he was voted out last election..he's thinking of running again...but Im afraid the rich will destroy anyone that is against their agenda.