Time to go fish

            I stand corrected. There is no pile of money somewhere in a bank account that we can go to and withdraw our Social Security benefits from. It seems, a conservative banker has informed me that the money goes out the door as fast as it comes in. What we have and this is going to be a big chuckle for some of you, is a locked box with a large bunch of IOU’s in it, signed by our dearly broke Uncle Sam with a very large smiley face drawn on it by the President.

            In fact it appears that the money we have been putting away has been going out faster than it comes in for a very very long time. Contrary to popular belief that there is a separate account for such things as your future payments, there is no separate account; it all goes to the general fund. I believe I heard on the news tonight we have only been in the red two years of our existence and that George Washington had to borrow money to get to his inauguration! Talk about setting the tone for a new country monetarily!

            Therefore, the upcoming Social Security crisis will after all truly be all of our faults; Boomers that is.  Since in order to pay us our due, which I was also informed was a promise, not necessarily a guarantee as we thought it was, the government is going to have to borrow even more money. That ought to make those looking for some financial sensibility among our leaders, to suddenly come over us Americans any time soon a bit leery of giving us any more money.

            So bottom line, there really is no need to get all hyper about this thing called, Social Security! We may as well worry about colon cancer, pharmaceuticals in our water and global warming; things that we can do something about rather than worry about whether our hard earned dollars lent to Uncle Sam will ever find their way back to us.

             It appears that Social Security is truly a ponzei scheme and you and I are going to be one of the last to find out. We have been building the pyramid and waiting for others to join in so we can get our cut, only to sadly find out, there are not enough others to give us our share before it all comes tumbling down. No wonder none of the candidates are talking about saving Social Security.

            Oh sure if there is a chance that Uncle can borrow some cash in thirty years or so, he will make a sound attempt to try and do so, but they way we have been going at it, its coming to be hard. Given the fact we bailed out Bear Stearns to the tune of thirty billion and are in the process of bailing out Joe public with another hundred billion or so as I write this. The Senate is doing their best to come up with, at best, a, “Well we tried something!”

             So go fish. No really. Go fish. Just don’t eat the fish. Mercury you know. And cross another thing off your list; no Easter Bunny, no Santa Clause, no Tooth fairy, and now no Social Security!


One thought on “Time to go fish

  1. Hi Grantman

    I know you from VSN and saw you’d stopped by my blog – guru-fodder. Good to see you.

    In the UK the Government has exactly the same problem – too many older people being supported by too few younger ones and not enough money coming in to cover the cost. Same issue – no pot – money comes in and goes straight out. They are trying to encourage people to defer receiving pension benefits for say 5 years in return for a bigger income and lump sum later. The math only works in thier favour but people don’t realise it. eg £5K deferred for 5 years – £25K never received. They offer say £6,000 lump sum plus £6k for ever. – £25K – £6K = £19K so it would take another 19 years to make up the shortfall. Would you bet on living 19 years plus in retirement?? Great post.

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