The Federal Government is history’s absolute worst fiduciary administrator even theoretically possible. SS and Medicare are supposed to be involuntary pay in advance programs for medical insurance and pension. I seem to remember having roughly 15% of my wages deducted throughout my life and sent to the Fed, supposedly to supplement or finance my retirement. So, how did the benefits for which I paid in advance throughout my working career become a line item expenditure on the federal budget?
If you are a pension fund administrator and spend every cent the second you get it and hopefully pay retirees from current funds, there’s a name for that: Pyramid Scam, a felony.
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The money we all contributed to social security has been spent–to pay benefits + spent by the government. There is a Social Security IOU Trust Fund of about $2.5+ Trillion that is
“owed” to us as a guarantee that Congress will somewhere find the money when necessary. This is my recollection so I could be mistaken.
https://www.freefacts.org/resources/what-is-the-social-security-trust-fund#:~:text=The%20Social%20Security%20trust%20fund%20refers%20to%20two%20accounts%20used,that%20money%20on%20other%20programs.
Interesting.
If every doliar put in was administered as it was supposed to be, SS would be solvent through at least 2100.
Honesty in government is almost a contradiction in terms.
Almost???!!! Thanks for my laugh of the day.
Pol Pot was almost a psychopath. $5 trillion is almost a lot of money.
I try to leave a sliver of space for hope. Diogenes searching for the honest man with his lantern. Imagine if he bumps into Nancy Pelosi.
Worse yet: A Pyramid scam enforced at the point of a gun.
Participation is mandatory.
You can check out anytime you like, but you can never leave.
It’s just good to know that they’re thinking of us. And our money.