“At the age of 17, in 1959, I was taught the truth in a high school civics class. The program is not funded in terms of any insurance program. First, the Supreme Court of the United States in 1960 declared that the Social Security program is not an insurance program. The case was Fleming v. Nestor. Second, there is no money in the Social Security Trust Fund. There is merely a stack of IOUs issued by the Treasury Department. There is no money in this fund. The government has spent every dime. To get money to pay beneficiaries, the SSA must turn in some of those IOUs to the Treasury. The Treasury must then use money out of the General Fund to pay the SSA its money.”
http://www.garynorth.com/public/11875.cfm
(Visited 18 times, 1 visits today)
Related posts:
The War on Drugs Is Far More Immoral Than Most Drug Use
A Little Bit Of History To Think About
The Real Reason Governments Are Killing Financial Privacy
Michael Scheuer: Pity poor America: Obama, Romney, and Foreign Policy
The $4 Trillion Money Printing Press
The Tragic Failure of Ken Burns’ “The Vietnam War”
Yes, We Live in a Communist Country
Whom would you HIRE to intervene in Syria?
John Whitehead: Orwell Revisited
All That's Needed Now is a Lusitania
Why you can't run Bitcoin apps on your iPhone?
Should We Celebrate the American Revolution?
Schneier: US gov. has betrayed the internet. We need to take it back
When You Need To Disappear
From Africa to Anadarko, a Story of Love and Markets