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Social Security paying out more than its taking in

  1. Padrino profile image60
    Padrinoposted 6 years ago

    Bernie Madoff went to prison for this very thing.

    http://www.nytimes.com/2010/03/25/busin … ocial.html

    1. LiamBean profile image89
      LiamBeanposted 6 years ago in reply to this

      None of this takes into account the IOUs congress has been playing fast and loose with. See below.

      No, Bernie Madoff didn't bank the money; he spent it.

      There are treasury bills to back the money spent by congress against the nest-egg in social security. A nest-egg that has built up for over twenty years.

      Guess you got that WRONG Padrio!

      Has the sky fallen yet?

      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.

  2. Ohma profile image80
    Ohmaposted 6 years ago

    And you are surprised By this?

    1. Padrino profile image60
      Padrinoposted 6 years ago in reply to this

      I'm surprised the New York Times reported it, other than that, no.

      1. Ohma profile image80
        Ohmaposted 6 years ago in reply to this

        Ok i get that surprise LOL.

 
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