Bernie Madoff went to prison for this very thing.
http://www.nytimes.com/2010/03/25/busin … ocial.html
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.
by Ralph Deeds4 years ago
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With costs escalating and the economy in the tank what areas should the government suspend, reduce or end?
by David 4705 years ago
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Does he really think that the solution to the dwindling social security fund is to privatize it? Perhaps it would be a better idea to return the money that has been "borrowed" without our consent? ...
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Through our working years we all paid for Social Security and Medicare, so why are they considered entitlements when in fact we contributed our own money into the system?
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